D and P off the boards

Press, 22 April 1986, Page 24

D and P off the boards

Dingwall and Paulger, Ltd, the Christchurchbased grocery merchants, has been removed from the Stock Exchange list because of an insufficient spread of shareholders, said a director, Mr Morris Paulger, last evening. The company was the subject of a management buy-out by Orange Peel Investments, Ltd, led by Messrs Paulger and Mr A. A. Dingwall, the chairman of the grocery firm, who first formed Dingwall and Paulger. Mr Paulger said that Dingwall and Paulger had considerably less than the number of shareholders for the company to remain listed.

However, one of the shareholders is Brierley Investments, Ltd, which was reported in February to have held 20 per cent of Dingwall and Paulger’s capital. Mr Paulger said that Brierley had not accepted the Orange Peel offer and still held the shares in Dingwall and Paulger. The de-listing meant that it was a step closer to the grocery merchant again becoming an unlisted public company, he said.