Ventcorp issue

Press, 15 May 1985, Page 37

Ventcorp issue

PA Wellington Venturecorp Investments, Ltd, a new venture capital company, is to make a public issue and to seek Stock Exchange Listing. The promoter and underwriters, Challenge Corporate Services Ltd will be taking up 10 per cent of the issue. On completion of the issue the company will have a capital of $lO million. Challenge said the proceeds of the issue would be used by Venturecorp to provide venture capital for companies and projects in Australia and New Zealand considered to have exceptional growth and profit potential. The issue would be 20 million 50c shares at par, together with free attached options in the ratio of one

option for every five shares subscribed.

In addition to Challenge subscribing for two million shares, a preferential allocation of shares and options would be reserved for subscription by the special partners of the Challenge Venture Capital, Ltd, and Company special partnership which was formed earlier this year. The directors of the new company are Dr Bernard Battersby, Christchurch businessman and company director, as chairman; Mr Bill Gallagher, managing director of the Gallagher Group of companies; Mr Graham Perrin, managing director of Challenge Corporate Services; Mr John Gow, senior finance manager at Challenge Corporate? Services.