Rex warns ‘don’t sell’

Press, 28 February 1984, Page 20

Rex warns ‘don’t sell’

The Auckland manufacturing group, Rex Consolidated, Ltd, yesterday issued a strongly-worded' "don't sell” advice to shareholders. The chairman, Sir Lewis Ross, announced that the directors of the company were holding discussions with the board of a substantial New Zealand-owned public company. If agreement was reached on certain proposals it would be of benefit to Rex shareholders and under these circumstances it was considered desirable to notify the Stock Exchange and to strongly advise Rex shareholders not to sell their shares in the meantime. Sir Lewis said that he expected to be in a position to make a further announcement in about 10 days time, and until then shareholders should retain their holdings. A small parcel of Rex shares changed hands yesterday at 300 c, a gain of 45c since the announcement.

The company recently announced a 1:5 bonus issue and reported that, after a difficult start, profit for the year was expected to be well ahead, with all manufacturing units working to capacity. Rex Consolidated is one of the country’s leading light engineers, specialising in hardware, metal stamping and forging, office and shop furniture, and materials handling equipment.