First prospectus from Auric

Press, 9 December 1976, Page 24

First prospectus from Auric

PA Auckland Auric Corporation, Ltd, the finance and investment house founded jointly last year by Ceramco, Ltd, and M.S.I. Corporation, Ltd, has issued its first prospectus, 1 for an issue at par of | $500,000 secured debenture stock and unsecured deposits. Application has been made to the New Zealand Stock Exchange Association for listing of the debentures. The issue carries a right to accept over-subscriptions up to a further SI.OM.

The rates for the debentures are: one year, (11 per cent); two years (12.0 per cent) and three to five (12.5 per cent). Deposits: three months (8.5 per cent); six months (9.5 per cent) and nine months (10 per cent).

The chairman of Auric (Mr W. D. Barclay) says in his report that the last six months results of the company were good. Group assets increased SI.4M to S3.BM at August 31, and group net profit was $30,396. “This performance is heartening, particularly in view of the high initial establishment and overhead burden usually associated

with new ventures,” he says. He notes that, besides a trust deed, investors in the issue have the uncalled liability of $500,000 of the shareholders’ holdings, if needed to be called upon. Much of the funds to date have been provided by Ceramco and M.S.I. and this has enabled Auric to establish a firm base.

Auric’s policy is “to continue to build a profitable investment portfolio, comprising a healthy mix of secured industrial, commercial and to a lesser degree, consumer advances, while at the same time ensuring that the group’s capacity to meet obligation is fully protected.” The prospectus shows that Auric’s activities cover lease and hire purchase, bridging and short to medium-term loans for industrial development, commercial bills acceptance and discounting, mortgages, import and export assistance, dealings in securities, safe custody and nominee facilities, and funds management and advisory services.