Winstone seeks holding
Winstone, Ltd, said yesterday it was negotiating to purchase a 14.9 per cent interest in International Resources and Technology, Ltd, an Australian company with interests in quarrying and mixed concrete. Successful conclusion of these negotiations would mean that Winstone Pty, Ltd, the Sydney-based wholly-owned subsidiary, would be involved in the management of International Resources and Technology and hold the right for subscription to 14.9 per cent of the capital, Winstone said yesterday.
The issue of shares, which is subject to the approval of the shareholders of International Resources and Technology and of New Zealand and Australian authorities, will be made at 30c each, which includes a premium of 5c on the par value.
In addition, to ensure the percentage shareholding is maintained, sufficient share options will be provided at 1c each to provide 14.9 per cent of options currently on issue. International Resources and Technology is Brisbanebased and listed, and it recently announced that for the year ended last June 30 turnover was sAust7,2BB,ooo and consolidated operating profit after tax was sAustl,3Bl,ooo.
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Press, 1 November 1984, Page 26
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175Winstone seeks holding Press, 1 November 1984, Page 26
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