Stevens’ trading stops for rejig

Press, 14 December 1985, Page 21

Stevens’ trading stops for rejig

PA'. . ‘ Wellington The Stock Exchange has suspended trading of Stevens Corp, Ltd, shares pending completion of a reconstruction plan for the company. The exchange’s executive director, Mr Roger Gill, said that the suspension follows the announcement by Stevens KMS Corp, Ltd, that it had acquired more than 90 per cent of Stevens Corp shares and that a reconstruction plan involving interests associated with Bexley Investments, Ltd, was under, way. “Listing of the company’s shares will be maintained during this time and the exchange will require the publication of a profile on the reconstructed company before it considers lifting the suspension,” Mr Gill said in a statement. In a joint statement to the exchange yesterday, the

directors of Stevens KMS, Stevens and Bexley said agreement had been reached for Bexley interests to purchase Stevens as a shell company from Stevens KMS.

The agreement follows Stevens KMS’s recent acquisition of Stevens under the take-over offer which closed on December 4. Stevens KMS was formed to merge Stevens with the health and science division of Fernz Corp, Ltd. “Those shareholders who did not accept the offer will now have the opportunity to retain their shares in the company which will seek to remain listed, bpt with a new name and with a new business direction,” the statement said. “The consent of the New Zealand Stock Exchange is being sought to retain the listing of the company’s shares.” Shareholders who did not accept the offer would soon be advised of their rights, under mmnnanMHmaß

the Companies Act; to require Stevens KMS to buy their shares in Stevens on identical terms to those in the offer. The agreed price to be paid to Stevens KMS for Stevens shares bought was equivalent to 292 c a share. An extraordinary meeting of Stevens shareholders would be called to seek approval for selling operating subsidiaries and other assets to Stevens KMS. Shareholders would also be asked to approve a company name change to Cobex Corp, Ltd, in which Stevens KMS would not retain an interest. Following the purchase, the present Stevens directors would resign and be replaced ithe Bexley chairman, Mr istopher Jones, Mr lan Ward and Mr Alan Hume. The new directors said they intended to establish Cobex as a listed investment arm of the Bexley group, with selective property development activities. They expected Cobex to have gross assets of SISM.