IEL move boosts Acmex
PA Sydney News that Industrial Equity, Ltd, is to inject at least sAust2l million ($NZ26.4 million) into Acmex Holdings, Ltd, has sent Acmex share prices rocketing. Acmex shares closed at 1200 c on the Sydney Stock Exchange last week, up from 270 c and 600 c. lEL owns 82 per cent of Acmex, and sources said the feeling was that lEL’s Midas touch could
transform it into a replica. Most of the fierce buying was said to be from New Zealand. lEL said that Acmex would make a one-for-one rights issue at 500 c a share, which would be followed by a two-for-one bonus issue to shareholders. The' rights issue, to be underwritten by lEL, would raise sAust2s.62 million, of which lEL was
committed to about $2l million.
The company has 5.12 million shares on issue, but the figure will rise to 30.74 million after the capital reconstruction.
lEL said Acmex would take a more active interest in various smaller situation stocks held by lEL for many years. It would fill a niche in the market for which lEL was now less suited on its own account.
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Press, 14 October 1986, Page 32
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191IEL move boosts Acmex Press, 14 October 1986, Page 32
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