Hume offers

Press, 22 April 1986, Page 24

Hume offers

PA Auckland The Melbourne-based Humes, Ltd, is making a shares-and-cash offer to take over the 20.8 per cent of Humes Industries (NZ), Ltd, it does not already own, with the option of a cash alternative offer. The first option, the intention for which was signalled early this month, is three Humes shares of 50c each plus 75c cash for every five Humes Industries New Zealand shares. The cash offer is 165 c for each Humes Industries (NZ) share. The shares and cash offer, based on yesterday’s midday closing price on the Australian sharemarket of 215 Australian cents for Humes shares and an exchange rate

of sAustl equalling $NZ1.2899, values the Humes Industries (NZ) shares at 181 New Zealand cents. The offer, which will be mailed on May 6 or within three days of that date and which closes on June 6, is subject to approval of the acquisition by the Overseas Investment Commission and acceptances for 90 per cent of the 3.7 million shares under offer. The Humes announcement says the offer provides Humes Industries (NZ) shareholders with a 50 per cent increase in the market value of their shares. Humes, Ltd, is already listed on the New Zealand sharemarket, which would allow ready negotiability of any shares issued in the offer.