19 March 1998: Australia“s Gwalia Consolidated Ltd. said its proposed merger with Sons of Gwalia Ltd. has been delayed. The company said documents were being completed, while a shareholders meeting t…
19 March 1998: Australia“s Gwalia Consolidated Ltd. said its proposed merger with Sons of Gwalia Ltd. has been delayed. The company said documents were being completed, while a shareholders meeting to consider the merger scheme of arrangement would be held in late April. It also said it would pay a special dividend of A$ 3.5 cents a share. “This dividend will represent the funds received by Gwalia Consolidated Ltd. from the Sons of Gwalia dividend,” it said of the interim A$ 12.5 cents a share announced by Sons of Gwalia. “Directors of Gwalia Consolidated Ltd. are currently advised that the scheme of arrangement will take effect on or about mid-May,” it said, adding payment of the special dividend is conditional upon the merger being approved by Gwalia shareholders and by the court. “The payment of the special dividend will be made on the same date as distributions are made under the scheme of arrangement to Gwalia Consolidated Ltd. shareholders,” it said.