Somtihera Petro. issue completed

Press, 30 September 1983, Page 20

Somtihera Petro. issue completed

The now completed share issue of Southern Petroleum, is one of the largest successful formations of capital by a new company in New Zealand’s history, according to the company’s chairman, Mr Ernest Albers. Mr Albers told a seminar in Wellington yesterday that Southern Petroleum NL joined Fletcher Challenge, New Zealand South British and Forest Products as companies with a spread of shareholding exceeding 27,000.

He said subscriptions were received from some 30,000 applicants, making the issue “embarrassingly over-subscribed.”

Public pool subscriptions had been limited to 500 shares a piece. The Welling-

ton sharebrokers, Jarden and Company, say the task of issuing the Southern Petroleum NL shares to 27,425 shareholders is now complete. Mr Brian Gaynor, a Jarden’s partner, said the massive issue had involved dozens of people in the last eight weeks and he expected the new company would be listed on the New Zealand Stock Exchange next Monday.

The successful issue of Southern Petroleum follows the float of Petro Taranaki by Jarden and Company. Share limits of 500 to each subscriber in the public pool also had to be imposed in that issue, and the shares are spread among 11,000 New Zealand shareholders.