Goldbells' offer to acquire Righteous shares lapses

PUBLISHED : Thursday, 04 January, 1996, 12:00am
UPDATED : Thursday, 04 January, 1996, 12:00am

GOLDBELLS Enterprises, the major shareholder of Righteous (Holdings), says the offer to acquire all the issued shares of Righteous has lapsed because the level of acceptance from minority shareholders did not meet the relevant acceptance condition as set out.

The company said it had received 2.2 per cent of Righteous shares from minority shareholders at the first closing date of the acquisition offer.

Goldbells now owns about 37.2 per cent of Righteous shares, including its existing holding of 35 per cent of Righteous issued share capital.