State to Take Over Imperial Airways
OFFER TO SHAREHOLDERS United Press Association.—By Electric Telegraph. —Copyright. LONDON, May 12. The Air Minister, Sir Kingsley Wood, announced in the House of Commons that the Government was prepared to take over the assets and liabilities of Imperial Airways on the basis of paying the shareholders 32s 9d each for an ordinary £1 share. The price would amount to £2,659,000, on which interest would be allowed at the rate of 4 per cent, up to March 31. The Government was also prepared to take over British Airways on the basis of approximately 15s 9d for a £1 share. Amalgamation would follow tho shareholders’ acceptance of the terms.
Mr. E. Shinwcll (Labour) criticised the offer on the grounds that it was over-generous. Imperial Airways shares were quoted yesterday at 29s 3d, he said, and British Airways were unquoted. An extraordinary general meeting will be held on May 22 to approve the Government’s offer.
It is stated that the year’s results do not permit a dividend exceeding 4 per cent.
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Bibliographic details
Manawatu Times, Volume 64, Issue 112, 15 May 1939, Page 7
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174State to Take Over Imperial Airways Manawatu Times, Volume 64, Issue 112, 15 May 1939, Page 7
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