Lanes seeks capital
PA Levin Lanes' Industries. Ltd. of Levin, is seeking extra capital of $500,000 through an issue of specified preference shares — to finance increasing growth. The directors advised the Stock Exchange Association that the company is calling an extraordinary general meeting of shareholders on September 29 to seek approval for the issue. 1
Resolutions will be submitted to the meeting covering additions to the company's articles of association to allow the directors to create specified preference shares and offer them in accordance with the articles, says a company statement. The company secretary. Mr J. Bull, said that business had forged ahead in the last two years and the capital was needed to sustain the growth.
"The issue will be offered first to shareholders and any balance for public subscriptions. The issue is fully underwritten by Renouf and Company.” Apart from growth in its fabric business, Lanes has increased its exports to Australia of textiles for the automotive industry. It is also diversifying into production of shelter netting for horticulture, and has acquired land for kiwifruit.
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Press, 13 September 1982, Page 25
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177Lanes seeks capital Press, 13 September 1982, Page 25
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