DUNEDIN INTEREST
AUSTRALIAN LEATHER COMPANY
MERGER OF FIVE CONCERNS
A merger of interest to commercial circles in Dunedin is reported from Sydney. A company known as Associated Leathers, Ltd., has been registered with a nominal capital of £2.500,000 in 4.000,000 ordinary 10s shares, and 500,000 5 per cent, cumulative preference shares of 20s each. Shares will be converted later into stock.
The company has been formed as a holding company to bring under centralised control a group of five companies, the chief of which is Michaelis, Hallenstein and Co., Pty, Ltd., engaged in the leather industry throughout Australia and New Zealand. The other companies are Glendermid Ltd., Dunedin; Farleigh, Nettheim Pty., Ltd., Sydney; Farleigh Nettheim (Queensland) Pty. Ltd., Brisbane; and Rosentamm Pty. Ltd., Perth,
The directors of the company are Messrs A. R. L. Michaelis, M.L.A. (chairman), C. H. Dodds, J. G. Farleigh, H L Longbottom (New Zealand), Alan Michaelis, O. Michaelis, and R. Michaelis.
It is proposed that Associated Leathers, Ltd., will acquire the five operating companies by an exchange of scrip. Stock will be exchanged for the operating companies’ shares, and these companies will become subsidiaries of the holding company. Sufficient stock will, then be sold by Associated Leathers, Ltd. stockholders, to qualify the company for listing on the Stock Exchange of Australia and New Zealand. It is not intended to open the lists for general application.
DUNEDIN INTEREST
Otago Daily Times, Issue 26963, 24 December 1948, Page 8
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in