Carpenters to Buy the M

M. Hedstrom Shares 90% of MH Shareholders Approve

BY January 10, holders of more than 90 per cent, of the Ordinary shares in Morris Hedstrom Ltd., of Fiji, had indicated their willingness to sell their shares to Messrs. W. R. Carpenter & Co.

Ltd., of Sydney; and a formal in timation to that effect was made to the Stock Exchanges of New Zea land and Australia by the Chair man of Morris Hedstrom Limited (Mr. H. E. Snell).

It is understood that the offer made by Messrs. W. R. Carpenter & Co. Ltd. in November (see December issue of PIM, pages 14, 15) will be formally accepted forthwith.

When the share transfers are completed—which will make W. R.

Carpenter & Co. Ltd. the majority shareholder in Morris Hedstrom Limited—there probably will be some change in the Board of the latter Company—but it has been formally stated that Mr. Snell will remain as chairman. It is expected, also, that Mr. J. Maynard Hedstrom (general manager) will remain with the Company.

So far as the public of Fiji, Samoa and Tonga are concerned, there will be no discernible change in the trading activities of Morris Hedstrom Limited and W. R. Carpenter & Co. (Fiji) Ltd.—they will carry on with the same management and staffs as at present.

It is expected, however, that the managing director of Messrs.

Carpenters’ Fiji Company, Mr. W. G.

Johnson, will join the Morris Hedstrom Board at an early date; and that there will be far-reaching policy changes in such important matters as overseas buying, copra buying, inwards and outwards ship ping, and the effective use in Fiji, Samoa and Tonga of the very large funds made available as the result of the new alliance.