Bid for 20 pc of Rex Con.
PA Auckland The Auckland brokers, Morr and Benjamin, yesterday announced they would be standing in the market for 20 per cent of the diluted capital of Rex Consolidated.
The brokers are offering on behalf of an unnamed client $3.20 for Rex ordinary shares and $1.50 for the company’s specified preference shares. The largest parcel of Rex shares to sell yesterday was 26,000 and the price was $3.22. Specified preference shares sold at $1.50.
Last week, Rex directors
issued a “don’t sell” warning to shareholders.
Morr and Benjamin said discussions were taking place with a substantial New Zealand-owned public company which conld result in proposals that would benefit existing shareholders.
They said they would be in a position to make a further statement at the end of the week and until then shareholders should retain their shares. Before the “don’t sell” warning, Rex ordinary shares were trading at $2.55, having recently split into 50c units.
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Press, 6 March 1984, Page 27
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161Bid for 20 pc of Rex Con. Press, 6 March 1984, Page 27
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