United Resources meeting
PA Auckland United Resources Holdings, Ltd, has called an extraordinary meeting for May 3 to seek approval for placements of up to 2,000,000 ordinary shares and for the granting of options to subscribe for ordinary shares. The purpose is to raise cash to maintain working capital of the company. The directors say they will try to place the shares and options as close to market value as possible and, in any case, at not less than par.
They also want to buy a further 2,500,000 options to subscribe for ordinary 50c shares at par in N2. Oil and Gas, Ltd. The NZOG options will be acquired from South Pacific Oil Investments, Ltd (formerly . Beaver Petroleum Investments, Ltd) in exchange for 2,300,000 unlisted options in United Resources.
South Pacific Oil Investments is a private company in which family trusts of Mr R. A. Radford and Mr H. D. Kennedy have interests, both United Resources board members.
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Press, 12 April 1984, Page 26
Word Count
158United Resources meeting Press, 12 April 1984, Page 26
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