In a letter to share-holders dated December 29, Mr G.C. D'arcy Biss, chairman of The Fairey Company, urges rejection of the offer made on December 20 by the Bristol Aeroplane Co and Westland Aircraft Ltd for Fairey's share capital. Among the reasons given are the following:-
Acceptance of the offer would once more involve participation in "the research and development and manufacture of aircraft in the United Kingdom," which the Fairey Board still consider unattractive to shareholders. The net assets of the Group are, in fact, substantially more than the figure given in the last consolidated balance sheet, and are equivalent to 47s 4d per 10s ordinary share, or 55s 2d including the claim for compensation submitted to the MoA in respect of the Great West Aerodrome (now part of London Heathrow). Reasons are given for expecting substantially improved trading results, the figure for the year to March 31, 1963, being estimated at not less than £800,000 before tax but after depreciation.Flight International 04.01.1962 / 40 Years Ago
Source: Flight International