NEWSPAPER MERGER
AUCKLAND “STAR” AND “ LYTTELTON TIMES.”
'By Telegraph—Press Association).
CHRISTCHURCH, April IS.
An agreement lias been reached by the directorates of the Brett Publishing Coy. of Auckland, and the “Lyttelton Times” Company, of Christchurch, for an amalgamation of the two companies.
The terms of this agreement have been embodied in a circular issued to the shareholders of the Lyttelton Times Company, and they will be submitted to a general meeting of the shareholders. A similar procoduie lias been followed regarding the Brett Pub lishing Coy. The two companies are to be liquidated, and a new company formed, with a nominal capital of one million sterling, of which amount £582,500 in shares will he allotted to the two existing companies, that is £105,000 to the “Lyttelton Times” Company and £477,500 to the Brett Publishing Company. The shareholders of the “ Lyttelton Times ” Company will receive 20 shares in the new company for every 21 shares held in their own company, and the shareholders in the Brett Publishing Coy. will receive 16 shares in the new company for each 20 shares held in their company.
FURTHER PARTICULARS. AUCKLAND, April 18
The amalgamation of the “Auckland Star” with the “Lyttelton Times” and “ Christchurch Star ” is foreshadowed in a circular issued to the shareholders of the Brett Printing and Pub_ lishing Cov. Ltd., publishers of the Auckland “Star.” The circular conveys to the shareholders a recommendation liv the directors in favour of the proposals. The amalgamation will he effected by the incorporation of the combined company under the name of Now Zealand Newspapers Ltd., having a nominal capital of £1,000.000, divided into 1,000,000 shares ol £1 each, of which 582,500 shares fully paid up will be issued. Of the issued capital 477,500 shares will be distributed to the shareholders of the Brett Company and 105,000 shares to the shareholders of the “Lyttelton Times” Company Ltd.- This will mean that the present shareholders of the Brett Company will receive approximately 16 fully-paid shares in New Zealand Newpapers Ltd. for every 10 shares now held in the Brett Company. The amalgamation of interests, provided it has the approval of the shareholders of both companies, will take effect as from April 1, 1929. Provision is ma le ilmt the change Will not affect the dividend to the shareholders of the Brett Company for the year ended March 31, 1929, and which will he recommended at the same rate as last year, 10 per cent, of which 5 per cent has already been paid, and a bonus of 2} per cent, m/iking a total of per cent. An extraordinary meeting of the shareholders of the Brett Company is called for April 26 to consider the amalgamation proposals. The present capital of the ,Brett Printing and Publishing Company is a little short of £300,000 in £1 shares. The shareholders are therefore receiving 32s in the new company for every £1 in the Rvett Company. ,The capital of the Lyteltnn Times Company is stated ta, £IOO,OOO in £1 shares, and the Times shareholders receive 21s for every £1 in the old company.
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Hokitika Guardian, 19 April 1929, Page 6
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512NEWSPAPER MERGER Hokitika Guardian, 19 April 1929, Page 6
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