Rex up in busy trading
Rex Consolidated continued to firm in busy trading yesterday as Benjamin and Morrow, the Auckland sharebrokers, remained in the market seeking 20 per cent of the company’s capital on behalf of an unnamed client. Rex, which has agreed to merge with Cable Price Downer, (CPD), firmed 3c to 328 c, in a trading range between 325 c and 330 c. The Auckland brokers’ offer was 320 c a share, when the bid was announced on Monday. However, Rex’s shares are valued at 350 c in the merger proposals with CPD, based on a price of 480 c for each CPD share. The CPD offer for the ordinary capital is five CPD ordinary 100 c shares plus 400 c cash, for every eight Hex shares. Benjamin and Morrow have said the merger deald does not affect its bid. The market was steady in moderately active trading yesterday, and the number of issues traded continued to decline, The NZUC industrial index eased 1.94 points to 1267.93. Yates Corporation again stood out among the rises, gaining 15c to 235 c, On Thursday, it improved 20c. ANZ Banking Group rose 15c to 465 c, and other issues to firm included NZ Forest Products and New Zealand South British. Market leaders to ease included Brierley, Feltex, Fletcher Challenge and Winstone, Command Services Corporation lost 25c to 435 c, and Skellerup dropped below 700 c, losing 10c to 690 c. Wattie was steady at 430 c.
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Press, 10 March 1984, Page 23
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245Rex up in busy trading Press, 10 March 1984, Page 23
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