Briefs
New chairman Sir Frank Holmes has been appointed chairman of South Pacific Merchant Finance, Ltd, to replace Sir Alan Low, who retired in March. An economic, financial and planning consultant, Sir Frank has been a director of the company since October, 1984. Genestock issue Genestock New Zealand has issued 312,500 ordinary 50 cent shares at a premium to South Pacific Merchant Finance, Ltd, in order to get a joint venture off the ground. The issue will allow Genestock to buy securities, enabling it to subscribe for 50 per cent of the capital in the joint venture company, Gene Fibre Operations New Zealand, Ltd, which will undertake a goat breeding venture on a South Auckland farm. Directors change
Six Yates Corporation directors have resigned following the sale of the company’s pastoral interests to Elders IXL Ltd, of Australia. The directors are: Messrs J. D. Elliott, N. B. Davey, J. A. L. Bennett, R. A. Eaton, D. L. Hazard and T. N. Urban. With the acquisition by Equiticorp Holdings, Ltd, of the Yates shares previously held by Elders, Messrs G. Adams and M. C. Taylor of Equiticorp and Mr K. G. P. Tapper of Jedi Corporation, Ltd, have been appointed to the Yates board.
Over-subscribed A public issue of shares by Commodore Computer Corporation, Ltd, opened and closed heavily over-subscribed. The issue was of 4 million shares at 50c. Directors said allotments would be made to successful applicants promptly and shares would be listed on the Stock Exchange as soon as possible.
$2.9M profit The property and investment group of Commonwealth Mining Investments (Australia), Ltd, has posted a $NZ2.96 million net profit in the six months to March 31, a major turnaround after an interim loss of $NZ1,076,160 last year. Directors said trading in the first six months of 1985 was most satisfactory, with the I weakening of the Australian ■ currency against the United States dollar, the Japanese yen and the major European currencies having a major influence on profitability. Earnings per share for the six months t totalled 2.1 cents. T
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Bibliographic details
Press, 15 May 1985, Page 40
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341Briefs Press, 15 May 1985, Page 40
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