Ceramco, Bendon clear merger path

Press, 20 May 1987, Page 38

Ceramco, Bendon clear merger path

'PA Auckland ■ pi At extraordinary meetings in Auckland, share- - holders in both Ceramco, Ltd, and Bendon Indus- •_ tries, Ltd, approved schemes of arrangement -to clear the way for their planned merger. Resolutions requiring 75 per cent approval from shareholders were passed unanimously by shows of Chands at both meetings. W Poll, 13.7 million L Ceramco shares were voted for the merger and 16,882 against, while 14.7 million Bendon shares were voted for and 24,620

against A director of Bendon, Sir Earl Richardson, who chaired the Bendon meeting, told shareholders that the merger would create a company large enough for Bendon to attack the Australian market He predicted a profit for the merged group of about $42 million in the year ending June 30,1988, on turnover of about $5OO million. The schemes are now subj'ect to High Court approval and, if successful, will see the new Ceramco Corporation start operating about mid-June.