Rights issue by B.N.Z. Fin.
B.N.Z. Finance Company, < Ltd. plans to make a re- ' nounceable cash issue to ' shareholders, on the basis of ! one share for every four shares held. I The shares, which have a t nominal value of 100 c, will 1 be issued at 125 c. < The new shares will not rank for the interim divi- i
dend to be paid in respect of the current half-year (ending September 30) but will rank equally in all respects thereafter. The directors expect that the current annual dividend rate —12.5 c a share — will be maintained on the increased capital. The Bank of New Zealand, which holds 40 per cent of
the company’s issued capital,, will take up its full entitlement. Further details will be announced soon. The shares are now selling at 160 c: on that basis the theoretical value of the rights would be 28c, and shares would average down to 153 c. ,
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Bibliographic details
Press, 15 August 1978, Page 21
Word Count
156Rights issue by B.N.Z. Fin. Press, 15 August 1978, Page 21
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