NZSB change backed

Press, 25 May 1984, Page 8

NZSB change backed

PA Auckland Shareholders in the New Zealand South British Group. Ltd. met yesterday to approve the company name change to NZI Corporation at the end of the month. The extraordinary meeting also considered significant changes to the group’s capital structure and authorised capital has been increased from SISOM to S3OOM. Approval was also sought for distributions from the group's share premium account. Decisions on the resolutions will not be known until the results of the poll called for by the chairman, Sir Alan Hellaby, are known. There were, however, no speakers against any of the resolutions. Sir Alan told shareholders that a change was appropriate to mark the successful completion of the merger between NZI and South British and to recognise that the company now had its own identity. The existing name tended to be abbreviated and caused confusion in that many people, particularly overseas, wrongly concluded, that the company was not New Zealand owned. He told shareholders that an increase in nominal capital was also appropriate. Last year's cash issue had reduced the margin between paid capital and nominal capital and the company also had to allow for the conversion of options and an issue of shares to staff.

The name change only affects the parent company and the six main operating divisions will continue to operate under their existing names. The group's main operating subsidiaries include New Zealand Insurance, NZI Finance, Diners Club NZ, NZI Life, NZ Guardian Trust, and Paxus Information Services.