IMPERIAL AIRWAYS
ACQUISITION BY STATE MOOTED BRITISH AIR MINISTER’S ANNOUNCEMENT. TERMS OF ARRANGEMENT WITH SHAREHOLDERS. By Telegraph—Press Association—Copyright, (Received This Day, 10 a.m.) LONDON, May 12. The Secretary of State for Air, Sir Kingsley Wood, announced in the House of Commons that the Government was prepared to take over the assets and liabilities of Imperial Airways on a basis of paying shareholders £1 12s 9d for each ordinary £1 share, amounting to £2,659,000, on which interest will be allowed at 4 per cent to March 31; also British Airways on a basis of approximately 15s 9d per £1 share. The amalgamation would follow the shareholders’ acceptance of the terms.
Mr E. Shinwell (Lab) criticised the offer, on the grounds that it was overgenerous.
Imperial Airways shares were quoted yesterday at £1 9s 3d. but British Airways were not quoted. An extraordinary general meeting is being held on May 22, to approve the Government’s offer. It •is stated that the year's results do not permit a dividend exceeding 4 per cent.
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Wairarapa Times-Age, 13 May 1939, Page 8
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170IMPERIAL AIRWAYS Wairarapa Times-Age, 13 May 1939, Page 8
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