Jonray accepts
NZPA-AAP Sydney Independent directors of Jonray Holdings, Ltd, recommend that shareholders accept an offer by the Auck-land-based Chase Corp, Ltd. In Jonray’s formal Part B response, the two independent directors recommended acceptance of the unconditional offer of two Chase shares for every ordinary Jonray share. The remaining three directors represent Chase on the board. The offer values each Jonray ordinary share at
sAustB.6o ($NZ11.80), which was about 38.7 per cent above the market price before the announcement of Chase’s take-over offer in November, directors said. Jonray was last traded in Melbourne at sAustB.2o (SNZII.2O). An independent report by BT Australia, Ltd, advised directors to recommend acceptance of the offer on the basis that it was fair and reasonable. As Chase was already entitled to 52.3 per cent of Jonray, there was no reason to believe a higher offer would be made, they said.
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Press, 25 January 1986, Page 22
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145Jonray accepts Press, 25 January 1986, Page 22
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