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carr:rd -m with W R Grice A Co. ("Grace") for either the acquisition of th* ><( Zunulite Company (`'Zonolite") or for s merftr of the two corporations.
Since that date. on sfroement has boon worked out under which Grace will acquire substantially ail of the assets of Zenoiite in return for approximately 291.622 shares of the common stock of Grace and the assumption by Grace of all Zonolite's liabilities. Ifee only assets aot acquired by Grace will be such eaah as is nirs--arr to pay the expenses of the exchanqe of asaeu and the subsequent liquidation of ZoooliU.
Accompanymf this letter ia a formal notice for a special meetiaf of stockholders to be held March 4. 1962, at Libby. Montana, toftiher with a proxy statement and a proxy. The stockholders of ZonoUte art aaked to vote on four separate proposals. These various steps art necessary in order to make the cachanye s tax free re-orfiaisation under the applicable sections of the Internal Revenue Code and to comply with Montana Law
After the exehance of Zonolite assets for Grace stock is completed. the shares of common stock of Grace received by Zonolite will be dis tributed to Zonolite stockholders on the basis of 1.02 shares of Grace common stock for each four <41 shares of Zonolite common stock. The exchange basis resulted from a thoroufh study of each company and its future prospects by the manafemem and directors of Zonolite.
The Boards of Directors of Grace and Zonolite have both unanimously approved the exchanfe of assets for stock and. therefore, your manaf* rnent and your directors recommend approval by the stockholders. Such approval will require s two-thtrdt vote at the special meeting of stock holders on March 4. 1963. on each of the proposals to be acted upon. Approval of Grace stockholders is not required by Connecticut law under which Grace is incorporated.
We hope that you will be able to attend the meetinf in person but if vou cannot we urye that you promptly execute and return your proxv.
Sincerely,
J A. Kiuxr
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EXHIBIT "1" TO r s o x r STATEMENT
{Lf'frOOOXM
a
/
cxHitrr *r to proxy statement
.Wr/iVwiff and o/ Mf
( odea of VofttfuM of 7Jf7
r-"1J. KH.H1> OK DISSENTING ST(H KHOLDERS.--Am MntkhoMer who ihalt not. at
* - . .....................
i-ini i*.i *i auii ..rued tlie pi.>|iuiti>in ur ivMdution for (he dis-
r .............
ih m.n lute 1j*vii wimpieil at *ui" *t*wkr .,wriV niveling mav. within
.......... :>! ...... th- ii*kih4ii*'meeting. gne written m-ixe to the said corporation
n..it h.. i-
--ivt.i. and aU. a like notice to (he grantee wr vendee. or am agent or
repreM-t.:.*'........ >-.i gi.mii-v m tender; prmuieil. that Mich grantee or wonder, or agent or rtpre*
Hfnta'.iw *w1 ciaitiw <>i sendee, tie within the ute and demand pat meat of the value of hi*
Muck, .uni wit inn t<n *l.i t > after *emce ot miid notice he must. or the aaid corporation, or tta gra&tee
or vendee. mat. nuke applicniiim in the district court of the county where the principal place of
buftin** >*i the c>rjiraiHin it situated to have the value of hia stock Atad and appraised. of which
.u ;*.*-< irn days iweshmi* notice must be given by the perm ao applying to the other
luiriie* Tiu> ti<>iire*. hereinbefore provided for may be served in the manner provided by law for
the *rn m1 <u Munrnifli mi case* in the district ruin. Upon said application, the soid district court
hali appoint three competent and disinterested perMins as appraisers, aad designate the that tad
(dare "t Him iir*t meeting to appraise the value of the stock of such dissenting BtoekhoUen. and
give r ."i. 'inn linectmn.' a* the said court mav think proper. The court may All any vacancies in
the Ikmi" "i .ii'iM.iiiHria. occurring hi retusai or neglect to nerve, or otherwise. Said apprauen shall
meet .it i-e nnii< and place designated b\ the court, and thet or any two of then shall take
nr .kit
t.-ne-tlv nfid faithful!v discharge their duties, and shall hear and take evidence la rela*
i- n ! ;h. vii.H'Mi t-ie (nck i<f <ucl< iii*>aeru<ng ftuckholder at (he time nt <r<* disaent. aad And the
v.tmr it.' .iii'l return and file their repot! and appraisement with the ilerk of said court. The
churgi ' an.t -vi#nnes *f Mid appraisement shall be land by the corporation, or its grantee or vendee.
IV*M.
FROM APPRAISEMENT--PAYMENT OF APPRAISEMENTS TO DIS
SENTING STOCKHOLDER AND RELEASE OF INTEREST--LIEN* OF APPRAISEMENT ON
1`KOPERTI 1>ISI*OSEO OF-- Eithei imn> to the appraisement and award of such appraiser*
nun within thirn dm > from the tiling or (tie tame and service of notict thereof, appeal from ouch
nwiiirt io it.e .iiuriit court of th* cunu m wmch ttie same is made and AM. and thereupon the
..ihie '<( .ui<> 't<ck <iiaii iw te.iMws.'H'd bi m tun m the same manner as appeals art ukoa aad tnala
on (i|.|v\il' lii.m me assessment of coninusiuner in condemnation proceedings provided by
I. os \\ i rn 'iH-r appraisement or nwir<! 'h.ili income final, the murt shall enter judgment in favor
..f 'mi. dissenting 'tockholders and against me corporation ami its grantee or vendee for the
amount of Mini award. with expense* and eu-ts oi proceedings, and execution may be issued on
<id luHgmmt a in other cases The judgment mas also provide for the sale of the property af*
toned i.i h, hen hereinafter provided fn The vl.um of *mh dissenting stockholder for compenaa*
II..i-. v-i' .>!- aimesaid. and tne appraisement and award and ludgment thereon shall be and
leniwm ,i Her. upm-. alt the real proper!\ of the vii>>nit)on conveyed or disposed of m pursuance
of the t.* ki..i.(ei s' resolution, and Khali br prior ami ruienoi to the rights of the grantee or
vendee !> ..it 'ii. h pi..pert. . but the n.uni. all dissenting vi.wkhoiders tor compenaatioo and ,k .l|>i.<.ii'enH>nis. a**).!' and inlgnivni. mull W equal hens upon Mid property without
|IM1
'i .ill .:
,.r...tn iteiweei: "viV'. iv.-' U I'eii tlie .imuni .( such apprai-ements and coats i>,i..I i.. ..i ...lua'te*'! i>\ (!. li".-ntin-. *i.<ki*.i|.iei >m iiei*>^iied with the clerk of
r . . ,n> ii. 'M.i!.,..'.
. ,i.
iii'.i"l't.<i k or m the * r|**rate pror^rt'
Ull., i. i i\ . V.. u-. i '. t.i ..i .h'.-.'.^l . I t imr'iiiime mi tlie iv~>loth*n of the
..
i ..... . .-.-i
^ ...........
i.* *!', .-Ui ah.iH there*
, .*ii. i. .irvi i . .nun iiwnu'iit. unless other*
-...... . ..nti.ii : tm <( *.
WR0004478