New property firm

Press, 26 May 1984, Page 25

New property firm

A new property firm Cromwell Corporation, Ltd, has been formed and it is the intention of the company to seek stock exchange listing within one to two years. The managing director, Mr G. J. Bringans, said in a statement that the corporation was backed by the acquisition of various property interests owned by Cromwell Property Resources, Ltd, of Wellington,

and the funds raised from the issue of 6,750,000 50c shares at a 50c premium each. The share issue would be made by private placement and had been allocated at 2M to Cromwell Property Resources, 2,250,000 to the Owens Group, Ltd, of Wellington, IM to Genan, NV, of the Netherlands, IM to business associates of Cromwell, and 500,000 shares to Jarden and Company, Wellington sharebrokers.

The corporation would work in property development, ownership, management, and advisory services to provide the shareholders with a spread of earnings, he said. The timing of stock exchange listing would be determined by the general market and when the corporation had reached the results which were forecast from the investment of equity capital and borrowed funds, Mr Bringans said.