NZ Equities share plan

Press, 24 April 1986, Page 27

NZ Equities share plan

New Zealand Equities, Ltd, has announced a big capital expansion programme to fund its development as a financial intermediary and spread its tightly held shareholding. The company, formerly Farrier-Waimak, Ltd, which specialises in general equity investments and project capital raising, is proposing an offer to all shareholders and option holders in the ratio of: • One new ordinary share for every two ordinary shares held. • Five new ordinary shares for every four options held. In addition to the proposed cash issue a placement of 2.5 million ordinary shares is also being made to several institutions. The institutions in-

volved in the placement are also entitled to take up further shares at the same price and in the same ratio as the cash issue. The extraordinary meeting to approve this issue is to be held on May 22. Two of the company’s directors, and its biggest shareholders, Messrs Avon Carpenter and Peter Francis, have also agreed to the placement of 2.5 million rights from their holdings, amounting to 10 per cent of New Zealand Equities capital after the proposed issue. They will remain shareholders holding more than 50 per cent of the diluted capital. New Zealand Equities’ chairman, Mr Avon Carpenter, said that it had been the intention of Mr Francis and himself to reduce the holdings