United Resources seeks listing
PA Auckland United Resources Investment Holdings, Ltd, will apply for Stock Exchange listing this week.
United Resources was incorporated in June after agreement between Mineral Resources NZ, Ltd, which
faced a need to restructure, and Stewart Petroleum Ltd, a wholly-owned subsidiary of NZ Oil and Gas, Ltd, which saw merit in investing in a broad-based resources holding company. The authorised capital of United Resources is $25
million in shares of 50c each. The present issued capital is $2,960,000. of which Stewart Petroleum holds fractionally less than 50 per cent. United Resources Investment Holdings has a whollyowned subsidiary. United Resources Investment Company, Ltd, which holds all the group’s investment, the main one of which is the wholly-owned Pike River Coal Company, Ltd. At present URIHL is funding an exploration programme of five drill holes in the Pike River coal prospect. The group’s other investments are a 6 per cent holding in NZOG, with an option to increase this to almost 15 per cent, and a 6 per cent holding in Mineral Resources with options which, if exercised, would give it about 18 per cent. In a statement prepared for distribution this week, the directors say that the company will have 2926 shareholders, of whom 2450 will hold 500 shares or less. The value of shares in listed companies is shown at $718,588, investment in Pike River Coal Company, at cost, $669,703, unlisted'securities $1,202,000 and cash on short term deposit, $735,811. The net asset backing per issued ordinary 50c share is 56c.
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Press, 21 March 1983, Page 14
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254United Resources seeks listing Press, 21 March 1983, Page 14
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