Morrison P.I.M. issue
PA Auckland Morrison P.I.M. Holdings, Ltd, will hold an extraordinary meeting of shareholders on May 28 aimed at lifting a restriction, imposed in 1979, on the number of ordinary shares which may be offered to Melbournebased Collie and Company Pty, Ltd. As previously reported, Morrison P.I.M. has proposed a one-for-six renounceable premium issue of ordinary shares to existing holders of both ordinary I shares and unsecured convertible notes. The notes are due to convert next April. When they were issued the Overseas Investment Commission con-1
sented to Collie and Co holding no more than 33.3 per cent of total shares when the notes converted. The limitation was later increased to 49 per cent. The sanction sought at the extraordinary meeting would, permit Collie to participate in the new issue on that basis.
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Press, 7 May 1980, Page 23
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135Morrison P.I.M. issue Press, 7 May 1980, Page 23
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