Minvest Prospectus

Press, Volume CX, Issue 32349, 15 July 1970, Page 21

Minvest Prospectus

Mining Investments, Ltd (Minvest) filed its prospectus yesterday for an issue of 2,000,000 ordinary shares at 50c each at par. Of the shares, 400,000 will be taken for payment wholly in cash by a nominee of Australian Industrial and Mining Corporation, Ltd. (Austim).

Apart from the 400,000 shares to be taken by a nominee of Austim, 1,100,000 shares have been reserved in connection with the underwriting arrangements, leaving 500,000 shares available for subscription by ■ the public. A spokesman for the company said that the whole of the issue and more besides, could have been taken firm by the underwriters and their pane! of sub-underwriters, but the .directors had indicated theip wish that there should

be a “pool” of shares available for general subscription by any member of the public, either through his own broker, or direct In view of the interest aroused by the issue, particularly after the recent New Zealand visit of Mr I. J. D. Murray, chairman of Austim, it was expected that the demand for shares would be heavy. It was felt that the “pool” method would be fairest and give everyone a chance, the spokesman added.

The board of Minvest is headed by Sir Hamilton Mitchell, of Wellington. Other members are Messrs W. G. V. Femie, Christchurch, I. J. D. Murray, Sydney, and L. N. Ross, Auckland.

The issue has been underwritten by Messrs Hamilton, Hindin, Greene and Company, members of the Christchurch Stock Exchange. The principal objects of the company are to acquire shares and/or other securities in mining companies with mining interests which are listed on the stock exchanges in Australia and New Zealand, with the purpose of establishing a portfolio of equity investments designed to take advantage of capital growth possibilities.

The company may also trade and operate in shares and options, purchase and sell mining and oil leases, licences and rights, operate as writers of options and act as underwriters and subunderwriters in respect of new issues.