Shareholders back NZI capital moves
PA Auckland NZI Corporation, Ltd, shareholders have approved a series of major capital moves almost unanimously. The moves approved were an increase in authorised capital to SIB, a share placement, a staff share issue, an issue of convertible securities, an overseas placement of shares and the issue of shares for the purchase of Broadlands, Ltd, of Australia.
The NZI chairman, Sir Alan Hellaby, said the measures would give NZI capacity and flexibility
in its fund-raising activities.
NZI now held 99.9 per cent of the capital of Marac Holdings, Ltd, and final documents were being prepared for the take-over of Broadlands in Australia.
The proposed measure prompted some discussion from shareholders. Directors were urged not to make the local share placement during the time rights to the forthcoming cash issue were being traded, for fear of depressing the share price too much.
Sir Alan said that would be watched but he could
not give an outright assurance that would not happen. Another shareholder asked why the placement was being made when a cash issue was coming up. He suggested it would f have been better to make. ~ the cash issue larger, to the benefit of all share- <, holders. Sir Alan said it was cheaper to raise the money through a placement A large cash issue ! would have been a burden to 77 shareholders. The bonus element expected £ by shareholders would have made the funds raised too expensive.
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Press, 30 January 1986, Page 24
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241Shareholders back NZI capital moves Press, 30 January 1986, Page 24
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