All of Pae Assets sought
NZPA-AA Sydney Payee Consolidated has launched a second bid to take full control of Pacific Assets, which values the company at about SNZB4.4 million. Payee, a Sydney-based construction group, which now holds 62.6 per cent of Pacific Assets, said it would offer 80c for each outstanding share, comprising 30c cash and a 50c bill of exchange. Payee, formerly Paynter Dixon Holdings, earlier launched a 4-for-5 share swap
offer for Pacific Assets, a property investment company from Brisbane. It said in a statement the offer, allowing for the deferred payment, was
equivalent to Aust7sc a share and represented a 41% premium over Pacific Assets current Australian share price at 53c. AU of the directors of Pacific Assets are also directors of Payee Consolidated. They believe the offer is fair and reasonable. Earlier this month, Pacific
Assets agreed to acquire an option over lEL’s holding in the lEL Property Trust in a deal worth sAust4oM (SNZSIM). Pacific Assets made a loss after extraordinaries of sAustB4s,ooo ($1,078,0000) in the December half year after a profit of sAust762,ooo ($971,939) previously.
Kleinwort Benson has been appointed to prepare an independent expert’s report on the offer. The report and the Part A statement are expected to be available in about two weeks.
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Press, 1 June 1989, Page 47
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211All of Pae Assets sought Press, 1 June 1989, Page 47
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