New BP Aust. issue
NZPA Melbourne British Petroleum Co., PLC, will inject a further sAust3ooM into the British Petroleum Co. of Australia, Ltd, through a new share issue, said BP Australia’s managing director, Mr Alex Gorrie, yesterday. The funds were required to finance BP’s share of resource and energy development projects.
The funds would increase the amount raised through share issues by BP Australia to S66IM, Mr Gorrie said. Of this SSIOM would have been raised in the last two years. The issue will comprise 3M 7 per cent redeemable non-cumulative partiepating convertible preference shares of 200 c each at a premium of $9B a share.
Terms would be 15 years subject to optional early redemption after five years. The issue will take place on July 20. “A number of our major development projects have exceptionally long lead times.” “This capital raising confirms our commitment to the long term future of BP in Australia.
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Press, 22 June 1983, Page 29
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154New BP Aust. issue Press, 22 June 1983, Page 29
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