Mair plans 1:5 pref. issue

Press, 15 October 1976, Page 16

Mair plans 1:5 pref. issue

Mair and Company, Ltd, intends to make a nonrenounceable issue of 11 per cent specified preference shares to existing shareholders on the basis of one 100 c share at par for every five 50c ordinary shares held.

Shareholders will be given the option to redeem the shares for cash, or convert them into ordinary shares of the company in five years on a pne-for-one basis. The minimum entitlement will be 100 shares, and shareholders will be given the right to make applications for additional sales. The issue will raise about $320,000. The shares will be payable in full on application by March 31.

The issue, which will be under-written, is subject to the necessary consents being obtained and to the sanction which will be sought at a meeting in December.

The preference shares will participate in any new issues, and in the event of any bonus issues being made before conversion, sufficient bonus shares will be reserved for allotment after conversion.

The purpose of the issue is to increase the company’s capital-base to supplement the continuing expansion of its business, the directors say,.

Interest increased Elder Smith Goldsborough Mort, Ltd, has increased its holding in Lensworth Finance, Ltd, furthering a takeover of Lensworth by Elders-G.M. which has been proceeding for several years. In the past four years, this holding has increased from under 2.2 million shares, to the present level of 6.9 million shares, a 57.8 per cent interest.