Mogal expects June listing

Press, 6 May 1983, Page 10

Mogal expects June listing

PA Auckland Mogal Corporation, Ltd, the Auckland-based transport group recently taken over by the Owens Group, expects to receive stock exchange listing by the end of June or early July. The managing director, Mr Ron White, said that the decision to press ahead with the listing was confirmed at yesterday’s meeting of the Mogal board, and the necessary moves had already been made.

“The meeting confirmed that we intend to become listed and the management has already pre-empted this, by making the initial moves.”

He said Mogal would retain its existing shareholding ratio and would not issue any extra shares. “What we are virtually doing is making a straight conversion from a private company to a public com-

pany without any increase in capital. In the meantime we will retain our three million 100 c shares,” he said.

Earlier this year the Owens Group made an unconditional take-over of Mogal Corporation, after negotiations between Owens’ and Mogals’ two largest shareholders, Universal Transport (N.Z.), Ltd, and TNL.

With the Owens group acquiring 70 per cent of Mogal, the TNL and Universal directors have retired, together with the founding chairman, Mr Peter Grayburn, and the deputy chairman, Mr Bob Duncan. The new chairman is the retiring head of NZ Forest Products, Ltd, Mr D. O. Walker, and the deputy chairman is Mr Bob Carr, immediate past chairman of the Auckland Harbour Board.