Duxford eyes majority of Broadway

Duxford is currently a major shareholder in Broadway but says it wants to increase its holding to 54.83% of ordinary shares.

The investment company plans to acquire up to 2.2 million ordinary shares in Broadway, which is 14.83% of the current total ordinary shareholding.

It also wants to acquire up to 2.2 million rights, which is 44.49% of the total rights to be issued by Broadway.

Duxford says it will offer between 29 cents and 34 cents per ordinary share and 5 cents for each renounceable right.

Under the rights issue, announced earlier this month, Broadway plans to issue up to 4.95 million new ordinary shares at 25 cents each.

The company said it had delayed the cash issue until they were confident that its subsidiary, Mercer Stainless, had returned to sustainable profitability.

Money raised will be considered for investing in capital items for Mercer Stainless.

Duxford says it intends to acquire the securities on market between June 7 and June 29.

Broadway Industries main businesses are photographic operator H E Perry and stainless steel fabricator Mercer Stainless.

In the six months ended December 2000 the Broadway recorded a profit of $304,000, up $15,000 on the previous year.

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