P-West plan to place 20M
The directors of PrimeWest Corporation, Ltd, plan to place 20 million shares with key staff (other than directors) at 15c a share, i.e. a premium of 10c a share. The undertaking is subject to approval by shareholders at Friday’s annual meeting.
This issue of shares forms part of a total of 25 million shahres which the directors are seeking shareholders’ approval to place. Currently, arrangements are being made with the company’s brokers and others to place the remaining 5 million shares, and details of these arrangements are expected to be announced in the near future.
The funds generated from this placement will be used for the repayment of an advance from Barclays New Zealand, Ltd, and for additional working capital. The directors say that they consider it an essential part of Prime-West’s corporate philosophy that key staff have an equity interest in the company and this placement sees the introduction of that philosophy — sale restrictions have been imposed on the shares so placed and the directors consider the placement price of 15c is appropriate in the circumstances.
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Press, 24 June 1986, Page 23
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182P-West plan to place 20M Press, 24 June 1986, Page 23
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