BANKING AMALGAMATION.

New Zealand Times, Volume XLVI, Issue 10687, 6 September 1920, Page 10

BANKING AMALGAMATION.

LONDON BANK OF AUSTRALASIA. In regard to the proposed, purchase by the English, Scottish, and Australian Bank. Limited, of the controlling interest of the London Bank of Australia, Limited, the circular issued to shareholders by the latter institution more clearly defines tho position of the ordinary shareholders of the London Bank. The terms of the offer are that each holder of ordinary shares (XlO paid) m the London Bank, who accepts the offer, will bo entitled to receive from the purchaser bank an allotment of shares vn the purchaser bank of X 25 each (Xl2 10s paid up), at the rate of, as nearly aa may be, five such shares for nine eucK ordinary shares, together with the sum of Ail per ordinary share in ca/9H (any fraction of a share of the purchaser bank to be satisfied in cash at tho rate of JBI9-16s per share). Each holder of ordinary shares (liability prepaid) in the London Bank, who accepts the offer, will bo entitled. to receive from the purchaser bank X 24 10s in cash for each ordinary share; The shareholders of the London Bank'will be entitled to receive and retain* for their own benefit a dividend on their shares at the rate of 9 per cent, per annum, on xho amounts paid up thereon otherwise than in advance of calls for the half-year ended Juno 30th, 1920, less. English income tax at 5s 3d in the XI. . •