Auckland Gas issue 1:3 at 350c

Press, 23 October 1980, Page 18

Auckland Gas issue 1:3 at 350c

Auckland Gas Company, Ltd, yesterday released details of a renounceable cash issue, notice of which was first given to shareholders in June. The renounceable issue will be of 100 c ordinary shares at a premium of 250 c a share making the_ full application money 350 c, and will be in the ratio of one for every three shares held. The issue will open on November 11 and close on December 12. The issue has been underwritten. A steady interim dividend of 6c a share (6 per cent) was also declared payable on November 11 tax-free from realised capital profits. The new shares arising from the cash issue will not participate in the dividend. The directors said in a statement that they were confident that given satisfactory economic conditions the present rate of dividends

would be maintained on the increased capital. The shares will trade ex dividend and ex rights on October 30. ■ The half-year result is expected in about a week.

Auckland Gas has formed a wholly-owned subsidiary company. Auto Fuel Systems, Ltd. to provide consultancy. design, installation and maintenance services for gaseous refuelling stations. The Auckland Gas chairman, (Mr A. G. Wilson) said that initially the company would be involved mainly with compressed natural gas (CNG) and liquefied petroleum gas (LPG) static installations. The engineering sendee would be for those who installed or planned to install equipment and for manufacturers and importers. The directors of Auto Fuel Systems are Messrs A. Veart, J. McDowell and G. McLean. The manager is Mr D. Hotter.