New radio issue

Press, 13 May 1981, Page 23

New radio issue

PA Wellington The directors of the Manawatu Radio Company. Ltd, expect the planned radio station to become profitable by the end of its second year of transmission, after writing off pre-transmission costs in the first vear.

The prospectus has been filed for the issue to the public of 443.000 100 c shares at a 110 c a share, making the company the seventh private radio station to be quoted on the stock exchange. The issue will open on June 3 and close on June 23 unless filled earlier. The directors said they intended to give listeners in the station's home area preference, to achieve the widest possible spread of local shareholding. The prospectus shows the company has an authorised capital of 750,000 100 c shares with 57.000 already subscribed and a further 115,000 to be subscribed at par on deferred payment terms by the sponsoring shareholders. After the public offering of 443.000 the balance of 135,000 will be kept in reserve.