Como makes more paper offers

Press, 20 February 1988, Page 26

Como makes more paper offers

Como Holdings has made a share-swap offer for Australis International, the listed foreign-currency dealer 31.5 per cent owned by Charter Corporation. Como is also moving to buy all shares in Aden Corporation. Charter Corporation has moved out of receivership and ceased trading since Como Holdings took a controlling interest this week. Como, which holds 21.6 per cent of the issued capital and options of Australis is offering five Como ordinary shares of 10c par value for every one Australis International ordinary share of 50c par value, and one Como unlisted option (to acquire ordinary shares at 20c each) for each Australis 50c option. Como shares traded at 5c yesterday. Australis shares traded last this week at 26c and Australis options, at 6c. This puts the Como offer at 30c for each Australis share.

The Como directors claim the offer represents for Australis shareholders improvement of 50 per cent on the current value of their holdings.

The Como directors say a holding in Como offers significant potential for further growth, particularly as compared with the uncertain

prospects for Australis. The Como shares issued' in the offer would rank pari passu with existing Como capital. If the offer is successful, the Como director say they intend to re-assess the position of the dormant Australis International and its future as a listed company. In its maiden reporting period, for the eight months ended June 30, 1987, Australis made a profit of $74,452, compared with a prospectus forecast of $1.359M. This was after a tradin loss of $614,000 on currency trading. Como also yesterday served notice of a takeover scheme on the board of directors of Aden Corporation, the listed corporation, formerly Goliath Mining, the Hokitika goldminer. Como Holdings has offered to acquire all of the issued capital of Aden Corporation. Como already holds 54.7 per cent of the issued capital. Como is offering two Como shares (10c par value) for every one Aden ordinary share of 50c par value. Aden shares last traded this week at 11c. The offer is not conditional upon any minimum level of acceptance. Aden was an unlisted West Coast investment company

with interest in deer farming before the Goliath more. In May last year Aden announced it had bought a 41-hectare farm at Ohoka and would stock it with 185 elk (wapiti) from Southland. Aden directors have advised their shareholders to refrain from selling their holdings pending receipt and evaluation of the offer. Messrs S. G. Smith and R. B. Smith who are also directors of Como Holdings have disclosed their interests in that company and are accordingly standing aside. The remaining independent directors Messrs M. A. Meuli and J. B. Paterson, will advise shareholders in due course of their evaluation. Meanwhile, Charter announced yesterday that Messrs Peter Taylor and Kingi Smiler of Arthur Young had been removed from their appointment as receivers. The company also said that it had stopped trading and now maintained only enough staff to ensure that “all statutory records required, including the share registry, are maintained.” Charter said that as soon as its new. board had assessed the company’s situation, a further announcement would be made.