Landmark approvals for take-over offer
PA Auckland Landmark Corporation has obtained shareholder approval for a number of changes necessary to accommodate its take-over offer for Pacific Metropolitan. At an extraordinary meeting in Auckland yesterday, authorised capital was increased from S2SM to SSOM by the creation of 100 million additional unclassified shares of 25c each. The increase, necessary to facilitate the offer to PML shareholders, would also provide for future capital issues, Landmark’s executive chairman, Mr Oily Newland said in a statement. The meeting also ratified the action taken by Landmark directors in
making the offer. The PML board is identical to the Landmark bead, and Mr Newland said shareholders should therefore record their approval. A change was made to the terms of the take-over to allow late acceptances,
and holders of shares compulsorily acquired, to receive the Landmark one-for-10 bonus. Partly paid PML shares, issued to directors and the secretary of PML, will be acquired through an issue of options, the meeting confirmed.
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Press, 9 October 1987, Page 17
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163Landmark approvals for take-over offer Press, 9 October 1987, Page 17
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