U.S. firms are target
PA Wellington American Strategic Investments, Ltd, a new company set up to exploit undervalued small to medium sized American companies, will list on the New Zealand Stock Exchange on October 11 and will seek listing on the No. 2 board of the Hobart Stock Exchange. At a press conference to launch the prospectus, Mr Kevin O’Connor, a director of the enterprise, said the company had been incorporated in the Cook Islands to make it a “tax efficient vehicle.” Of the 30 million Aust2oc shares to be issued (all at a 180 c a share premium), 7.5 M would be taken up by institutions and other big investors in Australia;
6.5 M to Equiticorp Investments, Ltd, 5M to the Development Finance Corporation; IOM to institutions and other big investors in New Zealand; IM to unspecified parties; 900,000 to Jefferies and Co; and 100,000 to Mr Dugald Fletcher, who is chairman of the company. Issued capital upon completion of the issue would amount to sAust6oM. Authorised capital is 500 M shares. The company would not seek listing in the U.S., Mr O’Connor said. The investment focus would be on those listed companies in the U.S. with market capitalisation between SUSIO to 150 million and which, in the opinion of the directors, were under-researched and under-valued.
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Press, 30 August 1986, Page 27
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217U.S. firms are target Press, 30 August 1986, Page 27
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