Burns request
PA Wellington The directors of John Burns, Ltd, have requested the company’s new owners extend their take-over offer to the remaining 49 per cent of the capital. A group of investors, including John Bums’ managing director, Mr John Taylor, gained control of the Auckland-based engineering group yesterday. In a statement to the Stock Exchange Association, John Burns’ directors expressed; concern that the offer was restricted to the holders of 51 per cent of the capital, so not giving some shareholders the opportunity of selling if they wished. The directors said they had asked Mr Taylor to state the group’s intentions for the company’s future.
“He has informed the board that he desires the company to continue carrying on business along its present lines, that is to say with substantial emphasis upon engineering activities," the directors said.
John Burns shares opened at 165 c on the New Zealand share market yesterday, but at close had dropped to 150 c.
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Press, 23 September 1983, Page 8
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160Burns request Press, 23 September 1983, Page 8
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