Theme park to make public issue

Press, 3 February 1984, Page 10

Theme park to make public issue

Leisureland Corporation, Ltd, the company developing New Zealand’s first theme park on a lOha site adjoining the Waitemata Harbour in west Auckland, will make a public issue of shares in mid-March.

The Leisureland Corporation which is a private company, will re-register as a public company and increase its authorised capital to $lO million, divided into 20 million 50 cent ordinary shares.

The offer to the public will be 2.8 million ordinary shares of 50c each at a premium. Of the 2.8 million ordinary shares 2 million shares will be issued by Leisureland from unissued capital and 800,000 shares will be offered to the public by an existing shareholder. All issued shares will rank equally in respect of dividends and voting rights. The capital structure of Leisureland after the offer of shares will be such that 50 per cent of the issued capital of $3.2 million will be held by the New Zealand

public, the balance being held by overseas interests.

It is intended that the subscription from the issue will be used to complete development of the first stage of the theme and leisure park, which will open in late March, 1984. The first stage of the

park features a combination of entertainment and educational activities including a driver’s town, a BMX track; a craft centre, and a full range of similar attractions designed to make it a major family and tourist attraction.

It is proposed that the prospectus for the offer will be registered not later than February 24, although this date may be brought forward as may the intended opening date for the issue which is currently projected to be March 19. Out of the 2.8 million shares there will be a public pool of 800,000 shares and the balance of 2 million shares have been reserved for allocation by the organisation brokers.