Ellis’ partnership problems solved

Press, 7 June 1980, Page 19

Ellis’ partnership problems solved

PA Dunedinj Snags in the plans of Ar-; thur Ellis Holdings, Ltd, to, take in Northern Feather! International as major; partner have now been re-i solved; according to the managing director of the Dunedin company (Mr M. R.i Ellis). . ' J A special meeting or shareholders will be asked, later this month to approve the issue. of 600,000 100 c shares at par. . ■ The latest sale of ElliS| shares, on Thursday was at 62c. a rise of 2c on the previous price. I The company now has 1.8 million ordinary ' shares issued but 725.000 notes are due to be converted to

1537,000 ordinary shares next! year. Taking these into; account the Danish company! will own a little more than. ;20 per cent of the issued [capital. ; I Mr Ellis said the problems, connected with Denmark's! ' foreign exchange regulations; had been cleared up and the link-up was moving along. .! “Northern Feather’s chief: executive in South-West; [■Asia visited Dunedin last; [week and made a strong; recommendation favouring' •the deal to his head office, i [ “They are very keen to participate in our Austra-' [lasian set-up. “In a sense: [we are already part of their ■ operation, buying feather; ; and down from them.” . [