BRIERLEY ISSUE Applications More Than £250,000

Press, Volume CIII, Issue 30578, 22 October 1964, Page 3

BRIERLEY ISSUE Applications More Than £250,000

(Iron Our Own Reporter > WELLINGTON, October 21. The managing-director of the Finance Corporation of New Zealand, Mr R. A. Brierley said in Wellington today that the corporation had received applications amounting to £253,800 for its £lOO,OOO note issue.

He said he expected that when all the applications were in the subscription would be for £265,000 from about 475 subscribers. All the applications would be met. The prospectus issued by the corporation proposed a £lOO,OOO issue at par (£1) of registered, unsecured deposit notes bearing an interest rate of 10 per cent a year. Applications postmarked

not earlier than October 20, would be accepted, said an announcement last week. The issue would provide additional funds for the company’s “rapidly expanding finance and investment business,” said the prospectus. The principal is to be repaid five years after the date of allotment Referring to comments about the issue in Parliament last week, Mr Brierley said: “The charges are utterly and completely without foundation. “I do expect opposition,” he said. “I don’t expect people to help us. We are an aggressive company and established companies do not favour us. This does not worry me unduly.” The annual report of his group of companies, to be published next Tuesday, would show a spectacular advance for. the whole group, he said. On comments made last week, Mr Brierley said he had instructed his solicitors to file a writ against New Zealand Newspapers, Ltd. alleging defamation.