Director accepts
PA Wellington The National Pacific independent director, Mr Doug St John, will accept Government Life’s offer for his shareholding in the company, although he still does not recommend the offer to other minority shareholders. Government Life is offering 44c a share for the 50.1 per cent of National Pacific it does not already own. In the takeover documents mailed by the Government Life subsidiary, Sorento United, yesterday, Mr St John said he would accept the offer for the 2748 shares he owns.
But Mr St John and National Pacific's other independent director, Mr Colin Maiden, said they had no desire to make any recommendation on the offer. Mr Maiden has no shares in National Pacific. The two directors earlier had National Pacific shares independently valued by sharebrokers O’Connor Grieve. The valuation said 48.5 c a share would be a reasonable worth for the company. • At that stage Government Life was offering 40c, but increased its bid following the valuation.
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Press, 10 February 1989, Page 18
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161Director accepts Press, 10 February 1989, Page 18
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