Meat works shares selling well

Press, 22 July 1980, Page 18

Meat works shares selling well

At the end of June 73 per] cent of the shares that are being offered in N.C.F. Kaiapoi, Ltd, which is to be! formed into a producer co-i operative, had been applied' for, the chairman of the! meat and wool section of North Canterbury Federated Farmers (Mr E. W. Turrell) said at the end of last week. Altogether 1,770,000 shares are being offered at 225 c each, of which 357,112 have been allocated to C. S. Stevens and Company, Ltd, which will be associated with farmers in the co-oper-ative. A minimum of 25c per share is payable on application with the balance being payable in instalments of 25c on each succeeding June 30 until June 30, .1988. 1 Mr Turrell said that more] than half the shares applied; for at June 30 had been! sought by existing suppliers] of the company. With the extension of time to apply for shares to July 25 because of the prospectus for the company being issued much later than had been originally envisaged, Mr Turrell said it was

I expected that the balance of I the shares would be placed. ! Up until June 30, he said, existing suppliers of the company had had preference for shares, but since that time they and new suppliers had been on an equal footing, with applications being accepted on a first come Mr Turrell said it should be noted that to take advantage of future processing rebates and to obtain preference in the allocation of killing space farmers needed to be shareholders. •It has .been recommended that suppliers should buy two shares for every stock unit that they intend to put I through Kaiapoi, with' one lamb equalling one stock] unit and one sheep 1.25! stock units. Farmers supplying the: works will have a series of j selling options open to them.; <