NEWSPAPER MERGER.

Manawatu Standard, Volume LV, Issue 176, 25 June 1935, Page 9

NEWSPAPER MERGER.

' AGREEMENT RATIFIED. Per Press Association. CHRISTCHURCH, June 24. Resolutions ratifying the agreement made by the directors for the disposal of the business and goodwill of Sun Newspapers, Ltd., to New Zealand Newspapers, Ltd., as well as the further agreement with the Christchurch Press C-0., Ltd., were carried at a special meeting of shareholders of Sun Newspapers. Ltd., this afternoon. Mr F. H. D. Gale was appointed liquidator. Mr C. S. Thomas, acting-chairman of directors, presided. One resolution directs the liquidator to distribute among the members of the company the shares to l>e received under the agreements, fractions of shares to be dealt with as he thinks fit by aggregation and sale or otherwise. There is a provision that any shareholder may by notice in writing to the liquidator within 21 days require the liquidator to sell shares due under the distribution. A second resolution refers to a sum of £SOOO to l>e paid l>y New Zealand Newspapers, Ltd., iu the hope that it may assist in generous treatment of the company’s employees. This sum the liquidator is authorised to pay to trustees appointed, who will pay from it amounts required to be paid in lieu of legal notice, and apply +he balance to compensate employees i.'io suffer financial loss through the sale of the company’s business. Messrs E. C. Huie and J. H. Dolarmore were appointed an advisory committee to work with the liquidator.