Second Dingwall buyer

Press, 11 January 1986, Page 19

Second Dingwall buyer

An unnamed buyer is seeking 5 per cent of Dingwall Paulger. Orange Peel Investments, Ltd, a subsidiary of Southern Cross Holdings, Ltd, has a majority interest in Dingwall and Paulger. The founders of the company, Mr Allen Dingwall and Mr Morris Paulger, are leading a move to buy back the minority shareholding from the public. The Christchurch broker,

Egden Wignail and Company, Ltd, are buying shares in the market on behalf of the unnamed 5 per cent bidder at 315 c per share, 5c above the offer by Orange Peel Investments.

The position of Orange Peel Investments was clarified in a statement yesterday by Mr Paulger, the firm's chief executive and a director. The initial offer had been for up to 80 per cent of the

shares. Bat this had now

been extended and all acceptances by shareholders would be accepted by Orange Peel investments, provided they were received not later than February 21.

“Shareholders need have no fear that they will miss oat if they want to sell,” Mr Paulger said. Formal take-over documents will be mailed to shareholders on January

21. “Those shareholders wishing to sell should send in their acceptances quickly, as we are in a position to make payment within two weeks of the forms’ being received."

Mr Paulger said he did not believe the bid for a 5 per cent holding would affect the majority holder’s move to take Dingwall and Paulger off the Stock Exchange.