1:4 cash issue by Marac

Press, Volume CXI, Issue 32542, 27 February 1971, Page 19

1:4 cash issue by Marac

Marac Finance, Ltd, Auckland financier, intends to raise about $508,000, by the issue to existing shareholders of one share for every four held; the 100 c shares will be at a premium of 125 c. The issue will increase existing issued capita] by $405,468 to $2,027,340. The purpose of the issue is to provide funds for continued development.

At the present market price of Marac shares (190 c the theoretical value of the rights would be 52c, and shares would average down to 177 c. Macac made a 1 for 4 cash issue, at a premium of 50c in April last year, which involved 324,375 $- ordinaries. The new shares of the latest issue will not rank for dividend in the year ending March 31, 1971, but will rank in full thereafter. Books close 5 p.m. March 19, to 9 a.m. March 24. Applications close April 30, and the shares are payable in full on application. The shares will be ex rights on March 20. Hartog Oil report

Hartog Oil NL says that the hydrocarbons in the Advance Basin, Queensland, are predominantly natural gas and that the deposits could amount to two trillion cubic feet. Hartogen companies can acquire a 25 per cent interest in the Gilmore natural gas field, Queensland, by discovering commercial hydrocarbons in a four-year period or bv spending si.lm on exploration and by paying a $250,000 purchase price.

Mr J. R. Maddren, of Christchurch, has been appointed to the board of directors of Early Bros Dental and Surgical Supplies, Ltd. I