STATE OFFER TO AIR COMPANY
IMPERIAL AIRWAYS MAY ACCEPT
SIMILAR PROPOSAL MADE TO ANOTHER FIRM
(Received May 13, 6.30 p.m.)
LONDON, May 12.
The Secretary for Air (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 shareholders 32/9 for each ordinary £1 share, amounting to £2,659,000, on which interest would be allowed at 4 per cent, to March 31, and British Airways, on the basis of approximately 15/9 a £1 share. Amalgamation would follow the shareholders, acceptance of the terms. Mr E. Shinwell (Labour) criticized the offer on the grounds that it was too generous. Imperial Airways shares were quoted yesterday at 29/3; British Airways were not quoted. An extraordinary general meeting of Imperial Airways will be held on May 22 to approve the Government’s offer. It was stated that the • year’s results do not permit a dividend exceeding 4 per cent.
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https://paperspast.natlib.govt.nz/newspapers/ST19390515.2.54
Bibliographic details
Southland Times, Issue 23817, 15 May 1939, Page 7
Word Count
162STATE OFFER TO AIR COMPANY Southland Times, Issue 23817, 15 May 1939, Page 7
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