COMMERCIAL Canterbury Timber Products prepares for float

Press, Volume CXIV, Issue 33521, 30 April 1974, Page 16

COMMERCIAL Canterbury Timber Products prepares for float

Canterbury Timber Products. Ltd. has reregistered as a public company and increased its authorised capital to $lO million. As announced earlier, the company has initiated the biggest industrial enterpri>e undertaken in the South Islsrrd for some years. The venture will produce fh re-board from log slabwood; the timber will come from the Hanmer, Balmoral, and Eyrewell State forests, and later from the large A'-h’ey State forest. Canterbury Timber Products. Ltd. was originally formed as a private company with a subscribed capital of $1.7 million, held bv Reese Bros, Ltd, M.S.D. Spiers, Ltd. Addington Timber Company, Ltd. and Dr O. F. Haylock (the chairman of MSB. Spiers • and family interests and Mr D. D. A Reese, of Christchurch, is chairman. The fibre-board plant will be built on a 50-acre site near Sefton, and will be financed from equity capital and sub-

stantia! lean finance, which has already been arranged. The directors at a meeting in Christchurch passed the necessary resolutions to increase the issued capital Ifr m $1,740,000 to $4,250,000 'by offering for public subscription a further 2,510,000 shares of 100 c each at par. The public issue will be covered by a prospectus •which will be filed with the Assistant Registrar of Companies in Christchurch on May 6 and the issue will open for subscription on May 22. The shares will be payable 50c on application and the remaining 50c on or before November 1. The public issue has been fully underwritten by Messrs Francis Allison Symes and Company, a member of the Wellington Stock Exchange, in conjunction with South Pacific Merchant Finance. Ltd, Associated Underwriters (N.Z.). Ltd. Messrs Hamilton, Hindm. Greene and Company, members of the Christchurch Stock Exchange, are associated with the underwriters. Of the 2,510.000 shares ■Tiered in this issue, 1.603,000 have been reserved firm by

i.the underwriters for subscripts tion by institutions which ? have indicated their intention s of subscribing for a later - issue of registered debenture 1 stock; sub-underwriters of J.the issue; clients of the -!organising brokers, and em- ) ployees and associates of the . company. The balance of e 910,000 shares will be avails able for subscription by the e | public. -| In view of the change of i status to a public company, I.the board of directors / invited Messrs H. W. Revell, -J. M. Moriarty, and L. M. 1 Gillions to become directors - of the company. Mr Revell is a director of i several other public coms panies. and chairman of the i New Zealand Export-Import e Corporation. Mr Moriarty :, recently retired as Secretary i of the Department of Trade , and Industry; he is also a

.director of New Zealand: Steel, Ltd. Mr Gillions is gen-: eral manager of the Adding-! I ton Timber Company. A tender has been accepted : - for siteworks on the com-: 1 pany’s property at Ashley,! ' and it is expected that coit-I r ■ tracts for erection of the steel ■ 51frames for the plant building l ‘ and the warehousing facili-; ; , ties will be let shortly.