OPP back as miner

Press, 22 October 1986, Page 39

OPP back as miner

. Otago Press and Produce, Ltd, formerly a newspaper publisher and produce-market owner, was relisted on the Stock Exchange yesterday as a mining company. Otago Press and Produce was incorporated as Lovell Reilly, Ltd. It took its present name in 1979. In March, 1979, it became the holding company of what had been the John M. Fraser and Company, Ltd, Group. It published the “Otago Daily Times” and community newspapers, and through the John M. Fraser Group was in fruit and produce marketing and egg distribution. In December, 1985, the major family shareholders launched a successful bid to buy back Otago Press and Produce, Ltd. Fraser Smith Holdings, Ltd, representing the family of the late S. D. Smith and the Fraser family delisted the company and then sold Otago Press and Produce as a shell company. More than 26,000 OPP shares changed hands yesterday, between 160 c and 250 c. OPP said that with

Stock Exchange approval it had the suspension on the trading of its shares lifted, effective from today, and the shares would be listed on the mining board. After reconstruction OPP entered into agreements to purchase the whole of the capital of two New Zealand-based gold exploration and mining companies: Westland Minerals, Ltd, and Cinnabar Management, Ltd. Their principal assets are gold exploration claims in Nevada, in the United States and mining and prospecting licence applications on the West Coast of the South Island. OPP said it had also entered into an agreement with the shareholders of Orotec Mining Associates, Ltd, to acquire all of the shares of that company. Orotec has interests in various mineral interests in central Victoria. OPP has arranged for a private placement of its shares in November. This is expected to raise sAust2.sM, which will be used to finance the group’s exploration and drilling over the next 12 months.