Change at Teltherm

Press, 1 March 1984, Page 22

Change at Teltherm

The directors of Teltherm announced that they considered the change in the majority shareholding in the company at their meeting yesterday. Mr Hawkins, a Teltherm director, excused himself from the meeting. Bayldon and Hawkins family interests have announced that their shareholding in Teltherm is to be transferred to the new investment bank, Equiticorp Holdings, Ltd. Teltherm directors say that they have assurances

that Equiticorp will not conflict with and will complement the investment activities of Teltherm. “Teltherm has welcomed the association with Mr Hawkins,” they say, “and looks forward to this being developed and strenthened, with the financial strength of Equiticorp being placed firmly behind Teltherm. The share and other investment activities of Teltherm have been successful and profitable.” The transfer of shares

from Bayldon/Hawkins interests to Equiticorp is to be at a price of $3.40. This compares with the current market price of $4. Full details of the preferential rights Teltherm shareholders will obtain in the forthcoming flotation by Equiticorp Holdings will be announced shortly. Wilson Neill shareholders who accepted Teltherm’s share exchange offer will participate equally with other Teltherm shareholders, the Teltherm directors say.