Shareholders advised to accept

Press, 15 May 1985, Page 38

Shareholders advised to accept

NZPA-AAP Melbourne The directors of David Syme and Company have advised the remaining minority shareholders to accept the $10.20 a share offer by the Sydney-based media group, John Fairfax and Sons, Ltd. Fairfax has lifted its Syme holding to 97.81 per cent of the 12 million issued shares since it launched its bid for total ownership of the Melbourne publishing group in March. In a Part B reply lodged

with the Melbourne Stock Exchange, Syme directors said an independent valuation of Syme stock by Lloyds International, Ltd, assessed the Fairfax offer as fair and reasonable.

Syme directors said the offer represented a premium of $4.70 over the market price of Syme shares immediately before the bid.

Although the directors noted recent activity on the sharemarkets and suggested shareholders continue to monitor further developments, they had no cause to believe a more attractively priced firm offer for all Syme shares would be forthcoming, the Part B reply said.

The directors said it was likely Syme will be removed from the official list of the Australian Associated Stock Exchanges