HB Co-op. board gives bid approval

Press, 10 November 1983, Page 22

HB Co-op. board gives bid approval

The chairman of Hawke’s Bay Farmers’ Co-operative Association, Ltd, advises that the board of directors will recommend to shareholders that they accept the take-over offer made by Brierley Investments, Ltd, as announced on October 25. This will be subject to the success of negotations with Brierley Investments to amend and increase the cash consideration payable to shareholders with small holdings who would, pursuant to the offer, become entitled to 100 shares or less in Brierley Investments and consequently receive cash. Brierley issues Brierley Investments, Ltd, says a cash issue announced last month of 50c per share at par in the ratio of one share for every one share will be payable as to 25c on application and the balance of 25c in June 1984. Share certificates for a bonus issue of one-for4o and letters of entitlement for the cash issue have now been processed and issued, each based on shareholdings registered at October 28. Brierley directors say this announcement is to ask shareholders to note that the bonus issue shares do not qualify for the cash issue entitlement.

Crown share offer The take-over offer of Crown Consolidated, Ltd, to shareholders in Dalgety New Zealand, Ltd, was declared unconditional on November 1, 1983 and payment of $4.10 for each Dalgety share will be made on November 30. Another offer of ordinary shares in the renamed Dalgety Crown Corporation, Ltd, is to open on December 2 and close on December 19. The directors intend that the offer of shares will remain open for as long as possible after December 2, to enable former Dalgety shareholders an opportunity to take up shares in the new company. Rex appointment Rex Consolidated, Ltd, has announced that Mr H. M. Brown, of Auckland, has been appointed to fill a vacancy on the company’s board.