Cory-Wright to make cash issue
PA Wellington The Wellington-based electrical and mechanical engineering firm. Cory-Wright and Salmon. Ltd. will make a one-for-four cash issue at $1.20 a share. The chairman. Mr B. K. Knowles, said the issues would provide about $BOO,OOO to finance trading activities and the planned expansion of manufacturing. Cory-Wright and Salmon shares last traded at 160 c after starting the vear at 123 c. The shares will be offered to both ordinary and specified preference shareholders who are on the register at March 16. The new shares
will qualify for half the final dividend for the year to March 31, and will carry renounceable rights.
Mr Knowles said that since the interim report, the company . had improved production of transformers at Tyree Power Construction. Ltd. This would reflect positively in the final result.
“Work is proceeding satisfactorily on the recently won contract for geothermal equipment at Ohaaki. With its principals, the company has registered for the North Island main trunk electrification, and its aviation subsidiary reports heightened interest in the products of British Aerospace,” he said.
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Press, 4 March 1983, Page 11
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179Cory-Wright to make cash issue Press, 4 March 1983, Page 11
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