Buyer seeks FTC stake
An unnamed Auckland investor appeared to be halfway towards fulfilling an order for 5 per cent of the shares in the Farmers’ Trading Company, Ltd, after launching the offer yesterday. The FTC offer, announced by the Auckland broker, Paine, Belcher and Partners, was pitched at 175 c for the ordinary shares and 500 c for the preference shares, with a 90-day escalation clause. The same prices and a similar clause was carried
by Chase Corporation, Ltd, last week when it successfully bought 20 per cent of FTC.
Paine, Belcher announced that the $13.75 million bid was being made by “an Auckand investor.”
On-market sales yesterday showed that 2,777,277 ordinary FTC at 175 c and 527,708 preference shares at 500 c were traded. FTC closed the day 16c up at 176 c on a small turnover at that price.
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Press, 19 February 1986, Page 35
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142Buyer seeks FTC stake Press, 19 February 1986, Page 35
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