NEWSPAPER OWNERSHIP

Greymouth Evening Star, 19 April 1929, Page 3

NEWSPAPER OWNERSHIP

CH.CH—AUCKLAND DEAL.

(Per Press Association.)

CHRISTCHURCH, April 18. An agreement has been reached, by the directorates of the Brett Publishing Company, of Auckland, and the “Lyttelton Times” company, of Christfchtff fell, for ail amalgamation of the two cbmpafiieS. The terms of this agreement have been embodied in a circular issued to the shareholders of the “Lytteltbn Tiffies” Company, and they will be submitted to a general meeting Of the shareholders. A similar procedure has been followed regarding the? Brett Publishing Coy. The two companies are to be liquidated, and a- neW company formed, with a nominal capital of one million sterling, of whifeli affiohnt £582,500 in shares Will Bp allotted to the two existiifg cOmpahies, that is £105,000 to the “Lyttelton Times” Company and £477,500 to the Brett Publishing Company. The shareholders of the “Lyttelton Times” Company will receive 20 shares in the new company for every 21 shares held in their own company, and the shareholders in the Brett Publishing Coffipafiy will receive 16 shares in the new company for each 20 shafes held in their company.

terms of Merger.

< AUCKLAND, April 18.

The amalgamation of the “Auckland Star” with the “Lyttelton Times” and “Christchurch Star” is foreshadowed in a circular issued to the shareholders of the Brett Printing and Publishing Coy., Ltd., publishers of the Auckland “Star.” The circular ■ conveys to the shareholders a recommendation by the directors in favour of the proposals. The amalgamation will be effected by the incorporation of the combined company under the name of “New Zealand Newspapers, Ltd.,” having a nominal capital of £1,000,000, divided into 1,000,000 shares of £1 each, of which 582,500 fully paid up will be issued. Of the issued capital 477;500 shares will be distributed to

the shareholders of the Brett Company aiid 105,000 shares to the shareholders of the “Lyttelton Times” Company, Ltd. This Will riiean that the present shareholders of the Brett Company will receive approximately 16 fully paid shares in New Zealand Newspapers, Ltd., for every 10 shares now held in the Brett Company. The amalgamation of interests, provided it has the approval of the shareholders of both companies, will take effect as from April 1, 1929. Provision is made that the change will not effect the dividend to the shareholders of the Brett, Company for the year ended March 31, 1929, and which will be recommended at the saffie rate as last year, 10 per cent., of which 5 per cent, has already been paid, and a bonus of 2£ per cent., making a total of 12J per cent. An extraordinary meeting of the

shareholders of the Brett Company is called for April 26, to consider the

amalgamation proposals. The present capital of the Brett Printing and Publishing Company is a little short of £300,000 in £1 shares. The sharehold ersj are therefore receiving 32/- in the hew company 1 for every £1 in the Brett Company. The capital of the “Lyttelton Times” Company is stated at. £lOO,OOO in £1 shares, and the Times” shareholders therefore receive 21/- for every- £1 in the old company.