Dickinson-Robinson Issue

Press, Volume CIX, Issue 32120, 16 October 1969, Page 12

Dickinson-Robinson Issue

Sir, —On Monday’s commercial page, under “issues. Calls Pending.” you list “DickinsonRobinson. Public issue, details later.” 1. can give you some details now.. The issue has been opened, and closed, at an apparent cash of some $56,000 for underwriting and brokerage, which looks like a shocking waste of shareholders’ money. The prospectus states, in heavy print, that “it is the intention that the shares should have the widest possible distribution throughout New Zealand,” etc. This may have been the intention of the directors, but it does not appear to have been the policy of the underwriters. — Yours, etc., RAT-RACE. October 8, 1969. [Mr F. F. Clarke, secretary of D.R.G. New Zealand,

Ltd, replies: “The issue has been exceedingly well received. At 2642 the total number of shareholders (not counting shares which were reserved for the staff) is considered by the directors as giving a good spread. It is regrettable that there was a large number of disappointed applicants, but in the prevailing state of the New Zealand investment market this is difficult to avoid. The underwriting commission and brokerage to which your correspondent. refers were at standard rates for issues of this class. The shares were listed on Tuesday and certificates mailed yesterday.”]