ICI N.Z. to make 1:4 rights issue

Press, Volume CXIV, Issue 33665, 15 October 1974, Page 25

ICI N.Z. to make 1:4 rights issue

ICI New Zealand, Ltd, will make a rights issue of about 3,507,000 shares of 100 c each at a premium of 20c a share, in the proportion of one share for every four held. But before the issue can be made shareholders will have to agree to an increase of authorised capital — from sl6m to s2sm. They will be asked to approve this at an extraordinary general meeting on October 30. The present issued capital of the company is $14,030,036. ICI Australia, Ltd, the main shareholder in the company, has advised that it intends to take up its full entitlement to this issue. The amount of 120 c a share is payable in two equal instalments of 60c (50c capital and 10c premium); the first instalment is payable on application on or before December 12, and the second instalment will be due on May 30.

Shares will go ex rights October 31. The new shares will be entitled to the final dividend the year to September 30, 1975, but will not participate in any interim dividend payable in that year. The directors expect that, given a continuation of satisfactory economic conditions. the present rate of dividend will be maintained on the increased capital. Application will be made to the Stock Exchange Association for the quotation of the rights to this issue. The necessary consent in accordance with the Overseas investment Regulations, 1974, has been obtained. The funds raised by thus issue will be used for financing growth and expansion of the ICI New Zealand group of companies.