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Page 22, April, 1979 - Sunday News

By FRANK KAPLAN

“Usually when it comes to

such high-fmance subjects as:

cotporate ‘:takeovers, most people aré tempted to skip the financial pages to get into the sport section.

But the corporate takeover has been making front page headlines because of the involvement of such household names as. Mac- Millan Bloedel, Pacific Petroleums, Simpsons and Abitibi Paper.

Public attention most

‘ often focuses on the titans of.

finance and business who direct such industries. Shareholder meetings to consider takeover bids are surrounded by complex legal and financial documents that suggest the owners of the affected companies are the sophisticated rich coming together to decide the fate and future of major in- dustries.

That picture is. about as out-of-date as the stereotype’ of the capitalist robber baron.

It’s more than likely the people most affected by a

|

PP corporate me

takover or merger Canadians of modest means trying to build savings ! for an

; “uncertain future.

The chances are high that

many are. employees of the

organizations caught up. in the top management moves. |

Companies are owned by shareholders. For example, in retailer Simpsons Ltd., 17,000 shareholders had to consider the takeover bid by competitor Hudson’s Bay Company. Even that number of shareholders proved misleading. ‘

It |-was- learned that a large number of Simpsons shares was owned by a pension fund representing Simpsons’ employees across Canada. The pension fund would be recorded as a_ single shareholder. Another large group of Canadians was also hidden in the official list of shareholders. These were

people saving and investing

money through Investment ‘Funds. ~ .

A reference booklet published by The Financial

are

subsequently

Bost ntl Service shows that at the end of

1977, 44 such Investment — Funds held over 4.2 million

Simpsons shares,-or about 9% -of that company. In Hudson’s Bay, some one

' million shares, or 7% of the

company, were held by 32

~-Funds.

Investment Funds are owned by thousands of ©

people, mostly of modest means. -

. Statistics compiled by The ~ Investment Funds Institute.

of Canada, an association of such Funds, show that 76 ssuth pools of savings held some 4840 million worth of common shares of Canadian

.companies. Since there are

more than 420,000 shareholders of these Funds, the average personal stake in the shares of Canadian companies works out to less" than $2,000.

In other takeovers, the -

same. pattern is evident of wide-spread ownership — first through many shareholders and then in- directly through such pools of savings as Investment Finds and pension plans.

B.C. Rail expands at Squamish plant

M.C. Norris, president and chief executive officer of B.C. Railway has an- nounced major im- provements in the mechanical and materials

Management facilities in Prince George and Squamish.

In making the an- nouncement, Norris em-

phasizedi the importance of adequate facilities for the proper maintenance of the railway’s expanded rolling stock fleet and the need for stores support to be located close to the mechanical facilities.

“In Prince George we will be constructing a light car

‘Bank slows

its growth

The Bank of British Columbia is slowing down its expansion after a year of its greatest growth to day. Only three branch openings arc planned for 1979, compared to the r¢cord number of eight ne last year.

With a present domestic network of 43 branches in B.C. and Alberta, the bank is now contemplating the international market. It already has an outlet in London, England, and this

year plans to open a representative office in Hong Kong.

7 branches opened ©

repair facility and a new stores complex nearby,” he said. ‘‘In Squamish we propose to make productive use of the Railwest complex for our heavy ecquipment repairs. The existing car shops will be converted into a mainline stores.”

The former Railwest Car Manufacturing plant at Squamish which ceased production in August 1977 will be reopened by the railway as a heavy car equipment repair complex.

Car repair projections have established that the existing facilities at Squamish will shortly be inadequate to handle the workload. Transfer of the entire rolling stock repair program from the existing car shops to the larger

Railwest plant not only offers improvement in production efficiency, but will also enable the mechanical depariment to respond to unscheduled repair demands.

The existing car shop will be taken over by materials management as a mainline store, consolidating stores at North Vancouver and Squamish. Centralization of stores is expected to realize considerable saving in operating costs, an increase in efficiency, and better security.

It’s expected that the cost of the relocation will be offset by the sale of surplus machinery and cquipment from the former Railwest plant.

B.C. HYDRO AND POWER AUTHORITY

For Sale by Tender

As is — Where Its

REF. Q551 Q552 Featuring. Ariens Tractor LAWN MOWER, Jacobsen Park LAWN MOWER, Chain SAWS, GENERATORS, Yate 3 Ton 220 Volt Overhead HOIST, Ackley Air Operated SAWS and PRUNERS, Submersible Etectric SUMP PUMPS, Kiln, Hilti and Ramset Tools, ELECTRIC TOILETS, Burndy Cable Cutter Enamel Sinks, paint, electric fans, 400 W Mercury vapour light

fixtures, forced al heaters, etc

Location BC Hydro Disposal Warehouse, 3855 Kitchener

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inspection Times. 8 OO AM to 4 00 PM, Monday to Friday Tender Forms may be obtained at the time of inspection

All Tenders are due in the office of the Disposal Gent, 3855

Kitchener St, MAY 8, 1979.

Bumaby. B.C. up to 12:00 NOON on Tuesday

Steen binant tan peel Devas ee aati ogtae tne

meteors teeett toner Nantes tee seme me a

’ With that kind of f finely- | a Ree spread ownership of. eee Canadian industries is it any

STUART: aeagstmee a em .

wonder that takeovers and mergers. are ‘making— _ ANDERSON’S ” BLACK ANGUS.

headlines. = . (Frank Kaplan. is a “RESTAURANT (Division of Saga Comp.)

prominent writer on

anadian business and * finance, in association with - the staff and information facilities of The Investment Funds Institute of Canada, which represents: financial organizations investing more than $1.85 billion of the must have e ce G vings dis ) oven 500,000 handling payables & an

Is ‘seeking a ‘restaurant bookkeeper, . with __ solid.

bookkeeping... & . general

. office background.

Telephone: 876-6767 local 271.

my

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