H.B. FARMERS’ BID

Press, Volume C, Issue 29500, 29 April 1961, Page 15

H.B. FARMERS’ BID

Acceptance Is Recommended (N.Z. Press Association) GISBORNE, April 27. Directors of the Gisborne company of Common, Shelton and Company, Ltd., have advised shareholders to accept the terms of an amalgamation offer by the Hawke’s Bay Farmers’ Cooperative Association. The offer is conditional upon the acceptance by 51 per cent, of the total issued shares of the Gisborne company. The move involves the second Gisborne company in six months to receive amalgamation offers. Gisborne Sheepfarmers’ Mercantile Company, Ltdaccepted a proposal by Newton King, Ltd., after considering an alternative offer from Wright Stephenson and Company. Ltd. In a circular to Common, Shelton shareholders. the chairman (Mr S. D. Reeves) said that the directors had been aware of the difficulties confronting a small company in providing the everincreasing capital needs. Difficult Competition Similarly, difficulty was also being experienced, added Mr Reeves, in gaining the overall trading strength to compete successfully with the larger national companies in the stock and station agency field. The offer is one fully paid £5 Hawke’s Bay Farmers’ share for five fully paid £1 Common, Shelton shares. A comparison of latest balance-sheets -shows a net asset backing of Common. Shelton shares of £2 5s 8d for every £1 of paid-up capital compared with £3 12s of the Hawke’s Bay Farmers’ shares. SOMERS. COX AND COStock and Share Broken. (Member of Christchurch Stock Exchange), 96 Hereford st, Christchurch. (Ground floor '>.Z. Ins. Bldg)