Magnum date firm

Press, 27 January 1988, Page 33

Magnum date firm

The directors of Magnum Corporation have decided not to extend the Magnum offer for Progressive shares. That offer will close on Friday. Magnum chairman, Mr T. N. Johnston, yesterday said the original closing date of December 24 had been extended in recognition of the relatively short period of time between the recommendation to accept the offer given by the Progressive Board and the original closing date. As sufficient time had now been given to Progressive shareholders to accept, there was no reason to extend the offer further. Magnum said that it holds

acceptances for 116 million shares representing 86.4 per cent of all the issued shares of Progressive. Of the 14.6 per cent of the Progressive shares on issue for which acceptances have not yet been received, Coles Myer Holdings of Australia is understood to hold 14.7 million shares or 11 per cent of all the issued shares of Progressive. Mr Graeme S. Hawkins and Mr James A. Veitch, chief executive of Dominion Breweries and executive director-trading, respectively, have been appointed to the Magnum board.