Optional plan for Angora

Press, 11 July 1988, Page 27

Optional plan for Angora

PA Dunedin Angora Corp shareholders have been presented with an alternative compromise proposal by directors of the company, acting as directors of Latitat No. 4, Ltd, which is bidding for the goat firm. They look positively on the wish of Angora minority shareholders to form a trust to hold shares in Latitat. “The directors have no objection to such a proposal,” Mr Farquhar McKenzie, chairman of both companies, said. “In the light of adverse trading conditions, the board of Angora Corp had resolved to support the takeover by Latitat which would result in the substantial reduction of administrative expenses through a reduction of the number of shareholders to be serviced,” he said.

“A trust .could only be established on the successful conclusion of the takeover which would require acceptance by 90 per cent of Angora Corp shareholders by July.

"The directors of Latitat note that the desire of the minor shareholders to participate in Latitat in this manner is an endorsement of the Angora board’s recommendation of the takeover.”

An extraordinary meeting of Angora is scheduled for today. Minority shareholders who are holding out against Latitat’s 14c a share offer, are due to hold a meeting earlier today.