Beta approves growth plans

Press, 8 July 1986, Page 30

Beta approves growth plans

PA Whangarei Shareholders in Northland's Beta Corporation, Ltd, formerly United Transport Holdings, yesterday approved four resolutions aimed at expanding and diversifying the company’s operations. At an extraordinary meeting in Whangarei, shareholders voted to acquire a 49.9 per cent holding in stock broking firm Paine Belcher, Ltd, helped by the issue of 3.5 million shares at 265 c each.

The meeting also approved beta Corp’s move to increase its nominal capital from $8 million to $5O million, with the issue of 84 million 50c shares.

One of the company’s directors, Mr Phillip Paine, said the greater nominal capital would give Beta the opportunity to expand in the future.

The firm had a paid up

capital of $4.5 million and the changes increased it to $6.25 million as the company moved away from its road cartage origins.

Shareholders also voted to give directors the authority to issue up to six million 500 c shares and or options, to executives and employees, before July 1988.

Mr Paine said the directors may not choose that course, but the idea of the move was to give staff an incentive to better the company’s performance and raise the share price of about 400 c, to more than 500 c.

The company’s articles of association were altered at the meeting so shareholders could elect to receive shares instead of dividends.

Mr Paine said the shares would be paid out at a rate of 90 per cent of their current market value, five days before payment.