Company News S.P.A.N.Z. CAPITAL

Press, Volume XCIX, Issue 29384, 10 December 1960, Page 11

Company News S.P.A.N.Z. CAPITAL

Ansett To Hold 49 Per Cent.

(New Zealand Press Association) AUCKLAND, December 9. Ansett Transport Industries, Ltd., Melbourne, airline and transport operator, will own £76,850 or 49 per cent., of the £ 156,850 paid capital of South Pacific Airlines of New Zealand, Ltd., as the result of an allotment of shares agreed to today. At an extraordinary general meeting, shareholders agreed to proposals by the directors to increase the nominal capital- of the company to £500,000 by the crea-J tion of 1,520,000 additional shares; of 5s each. The directors also proposed/ after the increase in capital had been approved, to allot 147,400 fully-paid 5s shares to Ansett Transport Industries, Ltd., thus giving Ansett 49 per cent, of the paid capital. The chairman, Mr C. L. Edwards, told the meeting that of the original £ 120,000 capital, £ 80,000 had been subscribed in New Zealand and £40,000 in Australia by Ansett Transport. Ansett Transport had undertaken to sell the company two Viewmaster aircraft, but it had now offered to accept further shares in the company as part of the purchase price.

A special resolution was passed by the meeting changing the name of the company from South Pacific Airlines (N.Z.), Ltd. to South Pacific Airlines of New Zealand, Ltd.