Andas 1:3 offer in Powercorp

Press, 23 August 1984, Page 24

Andas 1:3 offer in Powercorp

Andas shareholders who sell their stock between now and August 30 will lose their entitlement to shares in the computer firm, Powercorp Group 2, Ltd. This is the purport of a Stock. Exchange announcement by Andas yesterday announcing the proposed public issue by Powercorp of 4,800,000 ordinary shares of 25c each at a premium of 35c per share, making a total of 60c payable in full on application. The issue has been underwritten. It is intended that a prospectus be issued and registered in mid-September, 1984, when full details will be released. Powercorp Group will. be the holding company for

© Powercorp Centres, Ltd, which will market office products and business microcomputers. ® Powercorp Systems, Ltd, which will market IBM software, support, and business computers, including microcomputers. © Software Distributors, Ltd, a general-purpose software distributor. The group is expected to be the second biggest computer firm in the country, in turnover, after IBM. The terms of the issue will be that of the 4,800,000 shares to be issued, 1,750,000 shares will be offered to shareholders of Andas Group as a preferential entitlement on the basis of one Powercorp share for every three Andas shares held at

September 4, 1984. (Andas shares go ex-entitlement on August 30.) A stock exchange listing will be sought The preferential entitlements offered to Andas Group shareholders will be non-renounceable, 200 Powercorp shares being the minimum number of shares for which Andas shareholders can apply. This issue will raise $2,880,000 ($1,200,000 capital and $1,680,000 share Eium reserve) and these will be principally used to assist in financing the acquisitions made to estabish the Powercorp branch network and financing the acquisition of the Martin Spencer Group businesses.