By Nick Stride
Friday 14th September 2001 |
Text too small? |
The merged company will be known as Pyne Gould Guinness Reid Farmers. It will have revenues of around $255 million and a net profit of around $12.8 million on 2001 figures. Reid Farmers will issue 44 million shares to Pyne Gould at an equivalent $1.10 a share. On that basis Reid Farmers represents 56% of the merged company.
Pyne Gould, a private unlisted company with a wide spread of shareholders, moves from 44% to 68.5% of the listed company.
Not included in the deal are Pyne Gould's finance company interests, which have been expanding rapidly in the Auckland region. Pyne Gould will appoint a further three directors to the board, giving it five out of ten seats. Chairman Bill Baylis will retain his position.
The new company will have 100 million shares on issue. At Reid Farmers' closing price on Wednesday of $1.22 it will have a market capitalisation of $122 million.
No comments yet
SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report