BURNETT ISSUE
Amendment To Terms The basis of the Burnett Holdings, Ltd. share issue has been changed from one new share for every four held on August 31 to a ratio of one-for-10. This was announced at the company’s annual meeting in Ashburton on Thursday evening. First news of the company’s move was in a telegram received by the Christchurch Stock Exchange during the morning call yesterday. Before the call started one broker said he had heard the company was going to change the terms of the issue. Because no further details were then available it was decided that Burnetts should not be called. Comment The chairman of the stock exchange (Mr Somers W. Cox) said later the exchange did not intend taking any action. "This is the first time I have heard of anything like this, but it is over to the shareholders of the company.” It had been decided not to call Burnetts at the morning call because the exchange did not have full details of the change before the call started, he said. Burnetts announced on August 21 proposals to increase nominal capital to. film and issue £125,000 worth of new 5s shares on a one-for-4 basis.
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Bibliographic details
Press, Volume C, Issue 29638, 7 October 1961, Page 16
Word Count
200BURNETT ISSUE Press, Volume C, Issue 29638, 7 October 1961, Page 16
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