Ceramco had 55 p.c. acceptance

Press, 24 April 1979, Page 14

Ceramco had 55 p.c. acceptance

PA Auckland i Ceramco, Ltd has ob- - tained 55 per cent of the j capital of Tappenden Industries. Ltd, the Ceramco ; chairman (Mr J. C. Fair) < Isays in a letter to his com-;, pany shareholders. [j Ceramco has acquired 231, per cent of the company for H leash, and received 32 pet I cent acceptance to its offei i I for the ordinary and sped- 1 I tied preference shares of i i Tappenden. ’ , I The Ceramco offer is one < [Ordinary share and 190 c cash for every two Tappen- ] den ordinaries and one 1 ordinary share plus 150 c for 1 every two specified pre- j ference shares. Mr Fair says that when i the acquisition is completed i I (the offer is conditional on| 190 per cent acceptances, with!: la minimum of 50 per cent),'

issued capital of Ceramco j will be 11,896,477, ordinaries! and 1.2 M specified pre-! ference shares. His board believes that the! acquisition will strengthen Ceramco’s engineering activi-l [ties, and the merging of TapIpenden units with Ceramco wilt result in a higher rejturn on capital. Mr Fair confirms it is not Ceramco’s intention to enter the automotive industry, and that this part of Tappenden will be sold as a going-j concern. The "Auckland Herald” reported that a consortium of five Auckland businessmen have a contract to buy Tappenden Motors, Ltd, and its subsidiary Automotive Industries, Ltd, for an undisclosed price. | The consortium had made '.no decisions on the automoitive company’s future.