Clearwood Stud going public

Press, 1 April 1985, Page 33

Clearwood Stud going public

PA Auckland Clearwood THoroughbred Stud, Ltd, which owns the Nandina Stud, is going public. The issue is of 10M ordinary 50c shares at par and will remain open from April 29 until May 3, unless subscribed earlier. Of the 10M shares to be issued, IM have been reserved for subscription by Mr G. B. Taylor, a promoter of the issue and managing director of the company. A further 3M have been reserved for allocation by the directors.

The remaining 6M shares are available for public subscription. Of that 6M shares, 3.75 M have been reserved by the organising broker, Hendry, Hay, Smythe, and Horton, of Auckland, and other brokers on a firm basis for allocation to their clients. A pool of 2,250,000 shares is available for public subscription. Applications must be for a minimum of 500 shares and thereafter in multiples of 100 shares. Full payment must accompany applications.

The issue, with the exception of the million shares reserved for Mr Taylor, has been underwritten by Investment Finance Corporation Ltd.

Application has been made to have the shares

quoted oh the New Zealand share market. Members of the Stock Exchange have been authorised to act in the issue.

The company has also granted options entitling the holders to subscribe for an aggregate of I.IM 50c shares at 80c. The options are exercisable on or after June 1, 1985, and on or before March 31, 1988. A million of the options, which are not transferrable, have been granted to Mr, Taylor, and 100,000 to Mr Donald F. Collett, who will be studmaster and trainer. Nandina Stud was formerly owned by 3 Guys supermarket magnate, Mr Albert Gubay.

Proceeds from the share issue will be used to comRlete the purchase of the landina Stud property with ancillary equipment, complete the upgrading of the buildings,' training tracks and beautification. The issue will also provide funds for the purchase of further stallions, broodmares and yearlings as directors decide. The prospectus for the issue, says the company is in the process of purchasing the Nandina Stud from a company called Jan Bain Holdings, Ltd, which is controlled by Mr Taylor. The purchase price is $1,250,000. The prospectus contains a valuation of the property which sets the value at SI.SM.