Amuri Corp, plans float, listing

Press, 12 September 1986, Page 10

Amuri Corp, plans float, listing

By

ADRIAN BROKKING

Amuri Corporation, the Christchurch property investor and motor franchise holder, plans to seek stock exchange listing soon, after a public float for which a prospectus providing full details will be registered early next month. The chairman, Sir Roderick Weir, said that listing was expected some time in November. . The company increased its authorised capital from $3 million to $lOO million, but the planned issue will only seek an additional 14 million 50c shares, to be offered at par. Sir Roderick says this is a 14 per cent discount on the net asset backing. InitiaL financial forecasts indicate strong growth in the company’s profitability in coming years. The funds raised by the issue will be applied to further property development and to new areas of business activity. Amuri Corporation has two motor branches in Christchurch and one in Wellington, with fran-

chises for Mazda and Volvo. It has a finance arm, Chester Finance, Ltd, a growing property portfolio, and has lately branched out into other fields. An example is Macalister’s Apparel, a manufacturer and strong exporter of sheepskin and leather fastens. The directors of the 75-year-old company are Sir Roderick (ch), J. L. Rutherford, J. S. Rutherford, David Brown (managing), J. G. Matthews, G. H. Gould, and C. M. Bissett Messrs Matthews and Gould are Christchurch solicitors, and Mr Bissett is a chartered accountant. The property investment, development and management area is, of course, where the main thrust of new activity has been over the last few years, Sir Roderick said. “The prospectus will describe our re-develop-ment of Amuri Courts and the progress on Landsborough House. It will also outline the early development potential for our properties in Chester

Street, and Manchester Street “In addition to these properties, the company owns sites in Moorhouse Avenue, Christchurch, and Kent Terrace, Wellington, both of which have longer-term development potential. As with our property portfolio as a whole, these sites continue to show significant increases in value, underlining the worth of quality inner city commercial properties as investments. “A further area of activity for Amuri will be in venture investment Our involvement in Macalisters Apparel was a first step in this direction, and we are aware of a number of business opportunities offering attractive prospects for the company. The company’s senior executives are currently analysing a number of possibilities, and the next step is to appoint a senior executive with specific responsibility for the development of new projects of this type. Shortly, we will be advertising for such a person," Sir Roderick said.