WSJ891102-0022
WSJ891102-0022
=
891102
=
891102
891102-0022
.
891102-0022
.
Business
Brief
--
Meridian
National
Corp.
:
@
McAlpines
Acquire
10.2
%
@
Of
Common
for
$
1
Million
Business
Brief
--
Meridian
National
Corp.
:
@
McAlpines
Acquire
10.2
%
@
Of
Common
for
$
1
Million
11/02/89
11/02/89
11/02/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
MRCO
MRCO
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
Meridian
National
Corp.
said
it
sold
750,000
shares
of
its
common
stock
to
the
McAlpine
family
interests
,
for
$
1
million
,
or
$
1.35
a
share
.
The
sale
represents
10.2
%
of
Meridian
's
shares
outstanding
.
The
McAlpine
family
,
which
operates
a
number
of
multinational
companies
,
including
a
London-based
engineering
and
construction
company
,
also
lent
to
Meridian
National
$
500,000
.
That
amount
is
convertible
into
shares
of
Meridian
common
stock
at
$
2
a
share
during
its
one-year
term
.
The
loan
may
be
extended
by
the
McAlpine
group
for
an
additional
year
with
an
increase
in
the
conversion
price
to
$
2.50
a
share
.
The
sale
of
shares
to
the
McAlpine
family
along
with
the
recent
sale
of
750,000
shares
of
Meridian
stock
to
Haden
MacLellan
Holding
PLC
of
Surrey
,
England
and
a
recent
public
offering
have
increased
Meridian
's
net
worth
to
$
8.5
million
,
said
William
Feniger
,
chief
executive
officer
of
Toledo
,
Ohio-based
Meridian
.