RECEIVER NAMED

Press, Volume C, Issue 29500, 29 April 1961, Page 12

RECEIVER NAMED

Bay Of Plenty Airways (N.Z. Press Association) AUCKLAND, April 28. Bay of Plenty Airways. Ltd., which operates an air service between Auckland, Tauranga, Rotorua, Whakatane and Wellington, has been placed in the hands of a receiver. Mr R. A. Nfwman was appointed receiver on April 13. under the terms of a debenture dated October 16. 1959. issued by New Zealand Newspapers, Ltd., for "£7440 and further advances.” Mr Newman, who is secretary of New Zealand Newspapers. Ltd., said that his appointment as receiver did not indicate any move to wind-up the company. The company’s services and operations would not be affected in any way. Bay of Plenty Airways formerly Tauranga Air Services. Ltd., was formed on November 26. 1956. as a private company with a share capital of £BOOO. In August, 1958. the capital was raised to £lB.OOO, and the name of the company changed to the present title The capital of the company on June 30, 1960. was £lB.OOO. consisting of 7500 £1 ordinary shares. 6050 £1 preference and 4450 £1 B preference shares. All the B preference capital was held by New Zealand Newspapers. In January this year the company took delivery of a £50.000 De Ha vi Hand Dove on a three months' trial charter from Australia. It also operates an Aero Commander Super 680.