Rainbow entitlement
PA Wellington Rainbow Corporation, Ltd, shareholders will be able to participate this . month in a l-for-8 nonrenounceable entitlement to shares in Rainbow Properties, Ltd, a company about to be formed as a 54 per cent-owned subsidiary of Rainbow Corporation. For every eight shares held in Rainbow Corporation, shareholders as at August 18 will be entitled to one share in Rainbow Properties, at 100 c each. ■ The new company will
have 65 million 50c shares, of which Rainbow Corporation will' initially hold about 54 per cent. Rainbow .said in a statement yesterday.-— Thirteen per cent will be made available to existing Rainbow shareholders through the entitlement, with private placements (at 125 c a share) making up the balance of the new company’s Issued capital. Rainbow Properties will be formed through the acquisition by Rainbow Corporation of listed shell
company, A. M. Bisley, Ltd, the name of which will be changed to Rainbow Properties. It is to be listed separately from Rainbow Corporation in the same way as newly-listed Rainbow leisure subsidiary Questar Corporation, Ltd, and will operate in the areas of property investment, development and acquisition.
The moves were subject to the approval of A. M. Bisley shareholders, to be sought at an extraordinary meeting on August 22.
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Bibliographic details
Press, 12 August 1986, Page 13
Word Count
209Rainbow entitlement Press, 12 August 1986, Page 13
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