No BlLplan for D and P:

Press, 28 January 1986, Page 22

No BlLplan for D and P:

Wellington reporter Brierley Investments, j Ltd, has no specific plans for Dingwall and Paulger, Ltd, other than to “keep ... them honest”

BIL added to its stake .) in the Christchurch i grocery firm last week after buying 170,000 J shares at prices ranging • from 310 c to 325 c. The , BIL holding is now 13.4 . per cent

Dingwall and Paulger shares traded at 325 c on.; the Stock Exchange yes- { terday. Dingwall and Paulger is)( subject to a director buy- - out by Orange Peel In- k( vestments, Ltd which is-, offering 310 c per share.

The BIL chief executive, Mr Paul Collins, said “ BIL had been a small ~ shareholder for some time and felt the take-1 over offer was too low. As BIL had no intention of accepting the offer, it seemed appropriate to buy more shares, he said. BIL will consider buying more shares but, with the wide distribution of - shareholders, does not expect to buy large num- < bers. j

Mr Collins said BIL was not perturbed about being J loced into a minority holding, with Orange Peel' holding 50.1 per cent, and ■> was interested in the ;* value of the shares themselves. j Mr Morris Paulger said the BIL holding did not ‘ interfere with Orange Peel plans, but it will not offer BIL a higher price, : nor will it sell out to BIL. \ Christchurch, sharebrokers, Egden Wignail and < Company, have increased;' their offer price for 5 per cent of Dingwall and i Paulger, Ltd, to 325 c a , share. j The previous offer price was 315 — 5c above - 1 the price offered by y Orange Peel Investments, Ltd, which is the vehicle .:' for a buy-out by directors > of the Christchurch-based ’ food wholesaler and re- •, taller. j

Brierley Investments, . Ltd, disclosed on Friday " that it had built up a 13.4 .. per cent stake in Dingwall •, and Paulger, after buying 8.5 per cent of its capital at prices from 310 c to 325 c.