Holmes aCourt taps BHP bid

Press, 22 September 1983, Page 24

Holmes aCourt taps BHP bid

NZPA Perth Wigmores, Ltd, has increased its offer to two Wigmores shares for each Broken Hill Proprietary Company, Ltd, share plus sAustl cash and one free option to subscribe for one Wigmores share at 56 apiece.

The offer was outlined by the Wigmores director, Mr Robert Holmes aCourt, in a statement to the Perth Stock Exchange yesterday. Mr Holmes aCourt said the higher offer would be paid to all shareholders, including any who had already accepted the initial paper offer.

On August 15, Wigmores announced it would offer two of its shares for each ordinary share in the issued capital of BHP.

BHP directors have recommended that shareholders reject the bid.

Mr Holmes aCourt said the option to purchase a Wigmores share was exercisable on or before October 31 by payment of $l. He said the uncalled capital of $5 a share would not

be called at a rate greater than $2.50 in any six-month period. He said the new partly paid shares would rank equally with fully paid shares, but would entitle to dividends only on a pro rata basis in proportion to paidup capital.

Wigmores would seek Stock Exchange listing for the options.

A Bell Group spokesman said a line of credit totalling $350 million had been provided by the standard chartered finance and banking group in Australia and the Bell Group, Ltd, had also provided a line of credit amounting to SISOM. The new offer values BHP at at least $4.48 billion

excluding dividends resulting from exercise of options.