PROSPECTUS FOR MOTELS
Stock Exchange Ruling
(N.Z. Press Association)
WELLINGTON, May 25.
The Stock Exchange Association of New Zealand said today that members of exchanges were prevented byassociation rules from receiving commission in respect of debentures issued by Wellington’s White Glove Motels, Ltd. The association said: “The prospectus of the issue of debentures by White Glove Motels contains a statement that: ‘lt is proposed to pay a commission to members of the New Zealand Stock Exchange procuring subscriptions for debentures in this issue.’
“While the prospectus states that a commission will be paid to members, the position is that the Stock Exchange Association of New Zealand has never been approached and has not approved the prospectus. “Therefore, members of exchanges are precluded by the rules of association from being associated with or receiving a commission in respect of the issue. “The company has been requested to withdraw from the prospectus any reference to the Stock Exchange.”
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Bibliographic details
Press, Volume CIV, Issue 30760, 26 May 1965, Page 3
Word Count
156PROSPECTUS FOR MOTELS Press, Volume CIV, Issue 30760, 26 May 1965, Page 3
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