23,000 Unit Trust Units Exchanged

Press, Volume CI, Issue 29931, 19 September 1962, Page 19

23,000 Unit Trust Units Exchanged

holders of some 23.000 units in First New Zealand Unit Trust and New Zealand Income Trust accepted the share exchange offer made by Brierley Investments. Ltd., at Easter, according to authoritative Wellington sources. AH these units have been sold to the unit fund managers below par. Holders of the Unit Trust 5s units were offered 10 5s Brierley shares for every nine units, and holders of the Income Trust 5s units were offered five Brierley shares for every six units At the time of the offer in April market quotations for the units were: Unit Trust, buy 4s 6d. sell 4s lOd; Income Trust, buy 4s 2d. sell 4s 6d. Brierley Investments shares had recently been allotted at that stage. A solitary sale of the shares was recorded in June at 6s. but recent quotations. since the shares were refused Stock Exchange listing, have been sellers 4s 9d. no buyers. Latest quotations for the units are: Unit Trust, buy 4s 3d. sell 4s 7d; Income Trust, buy 4s 2d, sell 4s 6d. Since April the Unit Trust has made a distribution of 09d a unit and the Income Trust 1.2 d a unit. Powers of attorney were made out in favour of Brier ley Investments for some 18,000 units in the Unit Trust, and some 50CO units in the Income Trust. These units were cashed for some £5200. in exchange for which more than 24.000 Brierley Invest-

ments shares, with a face value cd nearly £6lOO, were issued. At June 30 this year the Unit Trust had issued 3.650.000 units and at April 30 the Income Trust had issued about one million units.