NZ Pet float
The directors of the New Zealand Petroleum Company, Ltd, are seeking approval from shareholders to offer 60M shares to the public in New Zealand and the United States.
This is contained under the heading, special business, in the latest annual report. The directors said that they were seeking such an approval to offer the public new shares without first offering shares to existing shareholders as a rights issue. The reasons for the issue were to raise up to SISM for working capital, finance exploration, repay limited recourse notes and other amounts payable to Triton Energy Corporation, the United States parent company, and to maintain the Wellington and Dallas offices. “Some consideration might have to be given to extending the offer to United States investors, and certain information released in that country (under Securities and Exchange Commission regulations) would also be included in the New Zealand prospectuses.
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Bibliographic details
Press, 16 July 1986, Page 37
Word Count
149NZ Pet float Press, 16 July 1986, Page 37
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