Equities and Steel A recovery in equity shares was seen
this week in such thin markets that it can only be described as technical. Steel shares were notice- ably firmer. In the original steel White Paper shareholders were given the option of being taken over at the average of sixty-one mid-month prices beginning with October 1959 or at the average of six mid-month prices beginning with May 1964. A firm of brokers has worked out what this would mean if the averages were moved from the previous calculation to the mid- month of March 1966. The results are as follows: It would seem from this table that it is worth while hanging on to the shares, seeing that the potential takeover prices, even on the likely re- vision of the old nationalisation prices, are generally above the present market prices.
a
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a E E, r.,E '''' E . E 1,' F..
60,-, V a,
Z ,0 -S. 2 SO 'S. Et , 114. 0 ...? 0/ s. C k tl % ... ,.. E Eir. a. 4., o a p 4 N.St. E "t.n utii, t..) Ece
31/0} 15/84 24/8} 20J- 21/4} 22/4} 32/2} 30/6} 30/10 Colvilles Consett Dorman Long Lancashire Steel South Durham S.C.O.W.
Stewarts & Lloyds John Summers United Steel ...
• • • • • • • • • • • • • • • • • • • • • • • • • • •
35/7 15/10 24/4 26/9} 19/0} 25/7} 28/4 31/9} 32/3} 32/9 47/6 15/3 19/10 22/3 29/10 21/1} 34/3 20/- 26/3 24/3 32/5 29/9 32/5 29/9
36/-
30/14 38/3
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