Arahi listing

Press, 13 November 1985, Page 52

Arahi listing

Arahi Properties, Ltd, an. unlisted public company, will seek listing for its shares on the New Zealand Stock Exchange. Four million ordinary shares of 25c each at a premium of 5c a share will be offered for

subscription (SI.2M). After a one-for-one bonus issue to existing shareholders, there is to be a three-for-ten non-re-nounceable cash issue to them. Of the remaining 2,860,000 shares, 1,000,000 will be taken firm by the Auckland property developer, Hislop and Greedus, and the balance of 1,860,000 will be offered to the public. Angus Construction, Ltd, holds an option over 560,000 shares at par in terms of an existing mortgage. This option must be exercised within two months of listing. The directors pf Arahi Properties, Ltd, hold options to purchase 600,000 shares at par and will have further options over 1,200,000 shares at 35c.

Arahi Properties, Ltd, was formed in 1984 as a property investment company. Its activities include property purchase for long-term investment and property development for re sale. The company will seek joint ventures with other parties. Arahi has existing properties in Wellington, Napier and Hastings. It is purchasing a substantial shopping complex in Auckland and part of the proceeds of this issue will be used to complete this purchase.

Arahi’s chairman is Mr Brian Hooker and its directors are Messrs Jeremy Collinge, a partner with Mr Hooker in the Hastings chartered accountancy firm, Hooker Collinge and Company, and Gerald McKay, a senior partner in the

Napier legal firm of McKay, Hill and Company.

The issue will open on December 17 and is to be underwritten by AIC Finance, Ltd. The organising brokers are Greville and Company, of Auckland.