REFINERY SHARES
Govt. May Buv Some J
(N.Z. Prett Association) WELLINGTON, Oct. 17. The Government will seriously consider obtaining shares which have been allocated to the public in the New Zealand oil refinery, if the public does not take them all. The Minister of Finance (Mr Lake) told Parliament today that 40 per cent, of the share capital—of £1.886.000 — was to be made available to the public under the terms of the agreement with the oil companies. Overseas oil companies would subscribe £3.6 million, and the Europa Oil Company £514,000. Mr P. Blanchfield (Opposition, Westland) claimed that only 600.000 shares were allocated to the New Zealand public in the prospectus. Mr Lake: I have not seen the prospectus. It Is only out today. Mr Blanchfield: This was published in a Wellington newspaper last week. Mr Lake said he was “surprised’’ at the suggestion because it was not in the original agreement made by the previous Government This arrangement, he said, had been confirmed by the present Government. Mr A. H. Nordmeyer (Opposition. Island Bay) asked if the Government would take up shares allocated to the public, but not subscribed to. Mr Lake: Should the eventuality arise, it will be carefully considered.
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Bibliographic details
Press, Volume CI, Issue 29956, 18 October 1962, Page 18
Word Count
201REFINERY SHARES Press, Volume CI, Issue 29956, 18 October 1962, Page 18
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