SHIPPING MERGER

New Zealand Times, Volume XLII, Issue 9719, 23 July 1917, Page 3

SHIPPING MERGER

' A UNION COMPANY REQUEST. The following circular (says the “Otago Daily ’limes”) has been torwarded to tnose shareholders in the Union Steam Ship Company who have declined to accede' to the first request to the circular, and in case it has fusion to take pldce betwdeu the Union Company and the P. and 0. Company,— “On May SOth last I forwarded a circular to you containing an offer by the Peninsular and Oriental Steam Navigation Company to exchange your ordinary shares in tho Union Steam Ship Company of New Zealand ILtd.) for 10s per share of deferred stock in tho P. and O. Company and 30s per share in cash on the terms and subject to the conditions therein set out. I have not received a reply from you to thecircular, and in case it has miscarried I enclose a duplicate. The majority of tho ordinary shareholders in the Union Steam Ship Company of New Zealand . (Ltd.). Wding approximatelv 95 per cent, of tho shares, have accepted the offer. I have been ablo to arrange for tho P. and 0. to extend the offer for a short time, and shall he glad to hear from you whether you desire to accept it or nob. My board wish me to point out to you that tho matter is one for your sole discretion and judgement ; at the same time it is of opinion that the proposed exchange is to the benefit of the shareholders in the Union Steam Ship Company of New Zealand. As it is unlikely that the P. and 0. Company will renew its offer to exchange the shares on such advantageous lines, if you desire to accept it, you should sign and return to me tho accompanying form of acceptance without delay.—James Mills, chairman of directors.”