NEWSPAPER MERGER

New Zealand Herald, Volume LXXII, Issue 22144, 25 June 1935, Page 10

NEWSPAPER MERGER

CHRISTCHURCH COMPANIES AGREEMENTS NOW RATIFIED [BY TELEGRAPH —PRESS ASSOCIATION] CHRISTCHURCH, Monday Resolutions ratifying the agreement made by the directors for tho disposal of the business and goodwill of Sun Newspapers, Limited, to New Zealand Newspapers, Limited, as well as a further agreement with the Christchurch Press Company, Limited, wero carried at a special meeting of shareholders of Sun Newspapers, Limited, this afternoon. Mr. F. H. D. Gale was appointed liquidator. Mr. C. S. Thomas, actingchairman of directors, presided. One resolution directs the liquidator to distribute among members of tho company shares to be received under the agreements, fractions of shares to be dealt with as ho thinks fit by aggregation and sale or otherwise. There is provision that any shareholder may, by notice in writing to tho liquidator within 21 days, require the liquidator to sell the shares duo under the distribution. A second resolution refers to tho sum of £SOOO to bo paid by New Zealand Newspapers, Limited, in tho hope that it may assist in tho generous treatment of the company's employees. This sum the liquidator is authorised to pay to tho trustees appointed, who will pay from it amounts required to be paid in lieu of legal notice and apply tho balance to compensate employees who suffer financial loss through tho sale of the company's business. Messrs. E. C. Huio and J. H. Dolamore wero appointed an advisory committee to work with the liquidator.