Fletcher Makes Private Placement

Press, Volume CX, Issue 32322, 13 June 1970, Page 14

Fletcher Makes Private Placement

Fletcher Holdings, Ltd, has made a private placement of 1,270,000 ordinary shares of 100 c each at an issue price of 184 c. These shares do not rank for final dividend for the year ended March 31, but subject thereto they rank equal in all respects with existing ordinary shares.

■ The shares are part of 2m shares which, at an extra'Ordinary meeting of sharel holders held on March 28,

11968, were specifically exempted from the provisions I of article 54 of the company’s articles of association which 'requires shares to be offered [to existing shareholders. The funds arising from the [issue will be used in the general development of the company’s business, including forestry development and associated processing facilities, expansion of lucerne growing and dehydrating for export and some new projects. The directors consider that at this time it was in the best interests of the company and its shareholders to make a replacement at close to market price rather than a rights issue at a substantially lower premium.

INDICES

New Zealand.—-Financial Research and Management daily index; base 100, Januarv 31. 1937:

June 5 323.02 June 8 322.51 June 9 322.77 June 10 324.53 June 11 ' 325.26 June 12 325.88 Sydney.— Sydney Stock Exchan; e (July. 1931 June 1939 equal s 100) June 5 328.88 378.99 534.98 June 8 .. 328.73 376.85 529.63 June 9 .. 330.54 375.09 527 03 June 10 . . 331.73 378.87 534.52 June 11 .. 333.86 379.45 538.66 June 12 . . 330.49 378.12 532.07

London.—Financial Tinies. June 4 . 338.8 68.36 49.6 June 3 . 333.4 68.30 49.6 June 8 . 329.1 68.12 49.5 June 9 . 330.3 67.S4 49.7 June 10 . 326.7 67.47 49.7 June 11 321.0 66.83 49.9