Moves on to buy all shares in NZ group

Independent Newspapers has moved to buy out the remaining minority shareholders in New Zealand newspaper group Wilson & Horton (W&H) for more than £46 million. Last month, Independent took its stake in W&H to just under 90 per cent when it bought an additional 4.4 per cent stake in the New Zealand group from AMP for £21 million.

That left Independent just under the 90 per cent figure where it could compulsorily acquire the remaining shares from institutional and private investors who have, until now, resisted Independent's 11 New Zealand dollars a share offer. Now, Independent has stated that its NZ dollars 11 a share offer will stand from March 24th until June 30th. The shares closed yesterday at NZdollars 10.35.

AMP's decision last month to break ranks with other institutions and accept the Independent offer means that the remaining institutional shareholders - including Colonial Mutual, National Mutual and Armstrong Jones - have little option.

But at least one of the remaining shareholders has indicated that it would expect to receive the 21 cent a share final dividend in addition to the NZdollars 11 a share offer from Independent. The Irish group, however, has made it clear that the most that will be paid to any shareholder will be NZdollars 11 a share and that those who wait until they receive their 21 cent dividend will then receive NZdollars 10.79 a share.

Meanwhile, Australian Provincial Newspapers - 34 per cent owned by Independent and 9 per cent by an O'Reilly family trust - has reported strong growth for 1997, with pre-tax profits up 25 per cent to 51.8 million Australian dollars (£25.9 million) with turnover up from Ausdollars 304.4 million to Ausdollars 351.9 million.