Renouf float

Press, 31 August 1985, Page 23

Renouf float

PA Wellington Renouf Property Developments, Ltd, has announced details of its float, planned for September 23. The company expects to be listed on the Stock Exchange by midOctober. The prospectus said Renouf Property Developments had been formed to acquire the property activities of Renouf Corporation, Ltd, and Renouf Properties, Ltd. The company’s main activity would be property development. On listing, it would have interests in development projects with an estimated value on completion of sl7om.

Renouf Property Developments would have issued and paid up capital of SISM, half of which was being subscribed by Renouf Corporation, Ltd. the prospectus said. The balance

would be offered for public subscription. The prospectus sets out the assets to be acquired as land at Wakefield Street, Jervois Quay, the Kirkaldies’ site and investment properties in the Willis Street car-parking complex and the Dominion Building — all of which are in Wellington. The company intends to keep the Kirkaldies’ store operating. A formal disclosure as to its intentions will be made on September 19. But Renouf Property Developments did not intend limiting itself to the capital. The net tangible asset backing per 50c share after the issue, net of issue expenses, will be 49c. Renouf Corporation, Ltd, shareholders will have an entitlement for one share in Renouf Property Developments for every three Renouf Corporation shares held.