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B & F shareholders to

16th July 1971, Page 14
16th July 1971
Page 14
Page 14, 16th July 1971 — B & F shareholders to
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Which of the following most accurately describes the problem?

vote on purchase and sale

• At an extraordinary general meeting on July 23 shareholders in Burnholme and Forder Ltd are to be invited by the new board to vote in favour of the acquisition of Premac, precision engineers, and Keland, electrical manufacturers, and also to sanction the sale of certain of the group's transport subsidiaries to former B & F directors for about £500,000.

In an article in the Sunday Times on July 11, columnist Peter Wilsher, recalling that the Stock Exchange suspended the B & F official share quotation in April, spelt Out some of the confused background situation to next Friday's meeting.

He detailed how substantial shareholdings in B & F were obtained by three businessmen who subsequently joined the board and later brought in two further nominees when the remaining old directors also withdrew from the board.

It was following the appointment of the two new directors that a conditional agreement—requiring shareholders' approval—was made to buy Premac and Keland.

Mr Wilsher in his column stated that. of the down payment of £150,000, some £133,769 was used to purchase the shares which gave the new directors their dominant interest in B & F; the offer for Premac and Keland having been made through a holding company. Parcabond, of which, it was said, two of the new B & F board are the only directors.

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