Th’bred moves

Press, 12 September 1986, Page 10

Th’bred moves

PA Auckland Shareholders at the annual meeting of Thoroughbred Holdings, Ltd, yesterday laid the foundations for the company’s diversification into finance, property and equity investments. They approved a resolution to change the company’s nanie to Troy Corporation, Ltd,' and authorised the directors to issue up to 20 million ordinary shares at not less than 90 per cent of market price. Based on yesterday’s closing price of 325 c on the sharemarket, this would give directors the ability to acquire assets of about $5B million. The chairman, Mr C. W. Reynolds, said the directors -had no immediate plans to issue the shares. Shareholders approved the issue of up to another 2 million ordinary shares and up to 1.5 million options to buy 50 per cent of the Windsor Park Stud. Mr Reynolds said the bloodstock division provided tax advantages which the other divisions could exploit.He expected the tax changes announced in the Budget to be altered somewhat before becoming law.