February listing for Prime-West

Press, 16 December 1985, Page 32

February listing for Prime-West

By NEVIN TOPP Prime-West Corporation, Ltd, previously Sovereign Gold Mines, Ltd, had February 3 as the target for relisting its shares, said Mr Brian Kreft, advisory broker to the firm. Mr Kreft, who is a partner for a Dunedin sharebroking firm, Forsyth Barr and Company, said his company was preparing a profile of the West Coast retail and goldmining company for submission to the executive committee of the New Zealand Stock Exchange for relisting. This would then be released to individual shareholders, Exchange members, and other financial interests. The profile would be similar to a prospectus, containing audited accounts for all the company’s divisions,

except mining, for the seven months to October 31. It would also contain a statement on the company’s future trading prospects, Mr Kreft said. Although Sovereign’s share quotations had only been suspended in July, 1984, the matter now involved relisting because a new company, Westside Traders, Ltd, a West Coast retail company, had acquired 70 per cent of Sovereign’s shares. The audit of all the company’s accounts, except for the mining division, was expected to be completed next week. During the seven-month period to October 31, the mining division (Sovereign) had been run by the receivers, who were chartered accountants, the auditing of these accounts

were not considered necessary. An operating statement on the company’s mining division from April 1 to October 31 would also be included in the profile. The advisory brokers had a timetable which involved completing the profile, sending the draft to the Stock Exchange executive for approval, printing the profile, totalling about 2300 copies for shareholders, exchange members, and other financial interests, from January 10 for release on January 27, Mr Kreft said. The executive director of the Stock Exchange of New Zealand, Mr Roger Gill, said that the executive was seeking further information from Prime-West Corporation before any decision was made.