Market Gains In Sydney Trading

Press, Volume CVI, Issue 31093, 23 June 1966, Page 17

Market Gains In Sydney Trading

(N.Z. Prest Association —CopgrlohU SYDNEY, June 22. The market gained ground on the Sydney Stock Exchange during the last week with the share price index gaining 1.70 to 325.83. Total average daily turn-over of 1,026,701, including an average daily mining turn-over of 442,400, was heavy.

Cottees has been approached once again by General Foods Corporation of U.S.A. Directors said that discussions had commenced which could lead to an offer being made for the stock. They feel that stockholders would be well advised not to sell until the outcome of these new discussions is known, which could be within a month. After the announcement, the shares jumped 75c to 360. The shares are currently selling at 385. Australian Controls will make an offer for all the issued 50c fully paid shares in Fler Company, Ltd., for a

consideration of 1.10 dollars cash a share. The offer will be conditional upon 90 per cent acceptance (or such less percentage as the offerer may elect to accept) by August 9. Before the announcement, the shares were selling at around 90 cents a share. Directors of Newcastle Development, Ltd., having considered the notice of take over from Vedap Pty., Ltd., and after having regard to the net tangible asset backing, future profitability and dividend potential, intends to recommend the acceptance of such an offer to- all shareholders.