Invesco plan opposed
PA Auckland A shareholder of Invesco Group, Ltd, yesterday opposed a special resolution to allow the directors to issue to several of their number 3.5 million ordinary Invesco shares at a 10 per cent discount on market price. He told the annual meeting he considered such an issue should be made to the directors when they have proven their worth to Invesco.
The acting chairman, Mr D. J. Davies, had said he felt the shares should be issued as an incentive to the directors.
An amendment to the original resolution was approved on a show of hands, not on a vote of shares, resulting in the original proposal being deferred.
Earlier, Invesco’s chairman, Mr I. R. Ward, said that, with the cash realised from the sale of Williams Properties shares together with Invesco’s ability to borrow in the long term, the company
was in a formidable position to take advantage of opportunities.
He said the directors were considering the development of an offshore investment portfolio, initially up to 20 per cent of the company’s assets.
Mr Ward said Invesco was the largest waterbed manufacturer in New Zealand following the purchase of two further companies in that industry. Invesco has acquired all the shafes in Richfield Waterbeds, Ltd, and Ultra Technology, Ltd, from Messrs K. and B. Davison, for what Mr Ward described as "favourable financial terms.”
Recently Invesco acquired 67 per cent of Classic Waterbeds, which Mr Ward
said was meeting the company's profitability projections.
The three companies are to be relocated in new premises in East Tamaki next year. Mr Ward said prospects for exporting waterbeds to Britain and Japan were promising. Nova Corporation, previously Intertasman N.Z., was trading profitably but would require further assistance from Invesco before previous profitability levels were obtained.
Consolidated Enterprises has returned to profitability, Mr Ward said. .<
Shareholders approved a resolution to authorise the directors to issue up to 1.5 million ordinary shares to employees.
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Press, 20 August 1986, Page 35
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324Invesco plan opposed Press, 20 August 1986, Page 35
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