Taylors issue

Press, 7 August 1985, Page 34

Taylors issue

PA Auckland Taylors Group, Ltd, has announced that last month it issued 100,000 shares to an unnamed institution in return for cash to finance its bid for shares in Henry Berry, Ltd. The issue represented an 8.33 per cent expansion of the issued capital of Taylor’s to 1.3 M 100 c shares. The managing director of Taylors, Mr Ross Robertson, declined to say how much cash the issue netted. However, at the price of 430 c to 435 c for Taylors shares last month the

issue may have brought in up to $435,000. At the Taylors 255 c-a-share bid price for Henry Berry, this would have bought about 170,588 shares, or 1.5 per cent of Henry Berry. The other 5.5 per cent that Taylors purchased was financed from the cash issue earlier in the year, borrowing and other company money, said Mr Robertson. Taylors stopped buying Henry Berry when it reached 7 per cent because it was being overbid on the sharemarket, he said. It was now “re-assessing” its position.