Rex Aviat. To Seek Aust. Listing

Press, Volume CVI, Issue 31348, 19 April 1967, Page 21

Rex Aviat. To Seek Aust. Listing

(New Zealand Press Association)

NEW PLYMOUTH, April 18.

Rex Aviation (N.Z.) Ltd., New Plymouth, hopes to have the shares of its Australian company listed on the Sydney Stock Exchange after a public flotation late next month.

This was announced at Canberra today by the managing-director of Rex Aviation of Sydney (Mr H. N. King) who was speaking at a ceremony to mark the delivery of the one thousandth Cessna aircraft to Australia.

The public company in Australia will be formed with the initial issue of shares to the value of 200,000 dollars. An announcement last January said that the shares would be at a premium. The placement would reduce the holding of the New Zealand parent company in the Australian subsidiary to 57 per cent.

Australian Future Mr King pointed out that his company had , long been public in New Zealand and, being aware of its responsibilities in the future of Australia, would make the initial issue of shares to the Australian public.

Mr King said that the company had been appointed Cessna distributor for the whole of South-east Asia. Because of this a further subsidiary, to be called Rex Aviation (South-east Asia), Ltd., had been formed. “Participation in the development of this vast area is both an excting prospect and a very real challenge,” said

Mr King. The Rex group previously held the Cessna distributing rights for Australia, New Zealand, New Guinea, New Caledonia, and Pacific Islands. Mr King said that in late 1954, his company had delivered four Cessna aircraft in Australia. In the fiscal

year 1967 it would deliver 200, One of the major reasons for this expansion was that Australia represented the ideal environment for aviation.