New direction
PA Wellington Petro Taranaki said it would change its name to Areco Corporation No Liability, as it was now mainly a property company. The change of name-would be effective from today. In a statement to the Stock Exchange the former mining company said it had consent from the Australian Foreign Investment Review Board to acquire Areco Holdings Pty, Ltd, a Sydney-based property development company. Since it was no longer involved in petroleum exploration the company had asked to have its shares and options quoted on the No.l board at the Stock Exchange instead of the mining board. All shareholders will be
sent new share certificates, in accordance with listing requirements. The date of closing the register to issue the new shares would be advised later. The company would issue 9.39 million ordinary 50c shares, paid to 30c, and 3.13 million options to Areco Holdings Pty as part of the terms for the acquisition. As earlier approved by shareholders, another 8.6 million shares and 2.86 million options would be issued by the company when some of Areco Holdings existing property development projects were far enough ahead to justify the issue. Shareholders would be advised of the later issue as • soon as' it was made.
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Press, 29 August 1986, Page 10
Word Count
205New direction Press, 29 August 1986, Page 10
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