Stereo FM issue oversubscribed
PA Auckland Stereo FM’s public issue of 953,400 shares of 100 c each closed oversubscribed on Tuesday, one week after opening. The issue was due to have closed in three weeks, but oversubscriptions of about 10 per cent prompted its early closing. ’ The company’s managing director, Mr Allan Rutledge, said: “I am delighted the market has been supportive when our FM warrant is till the subject of an appeal to the High Court;” .
The issue would give the company the required spread of shareholders to qualify for Stock Exchange listing, he said. Formalities would be followed to ensure listing by the time of the second call in February. Stereo FM was one of. two companies awarded warrants by the Broadcasting Tribunal earlier in the year to broadcast on the FM band. Subscribers to the issue were asked to pay an initial call of 12.5 c on the 100 c shares. The balance will be payable at the second call.
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Press, 25 November 1982, Page 24
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163Stereo FM issue oversubscribed Press, 25 November 1982, Page 24
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