FLOTATION FAILS

Hokitika Guardian, 5 January 1929, Page 6

FLOTATION FAILS

X.Z. AND 1 ’'S3 SEA WHALING CJAIPANY. (Per PAssociation—By Electric Telegraph—Copy r i gh t). DUNEDIN, Jan. 3. As the requisite number of shares has not been applied for within the prescribed time; .the promoters of the New Zealand and Ross Sea Whaling Co. have been, compelled to abandon the proposal to float the'company. According to the Act-,. the. prospectus oi the company must state the minimum number of shares on which it is going to allotment, and 9(1 days only are allowed for these shares to be taken up, otherwise the company cannot be registered. In the case ol the New Zealand and Ross Sea Co, the minimum number of shares was fixed ai 100,000, but as this figure was not reached the promoters bad no alternative but to withdraw the proposal and to return the application money, which is now being done. A rumour has been current that the promoters had received offers from several outside companies for their option and 'that they had closed with one of those; offers, but Air J. G. Neil, one of the promoters, gave this report a detinue denial. He stated that so far from the option having been sold, no oiler had ever been received for it. In fact, lie said, it had been found necessary to abandon the proposal to form a whaling company.