Kaurex cash issue

Press, 18 December 1986, Page 37

Kaurex cash issue

PA Wellington Kaurex Corp, Ltd, is to make a l-for-3 cash issue to shareholders and option holders early next year, to raise $5 million.

The Chairman, Sir George Chapman, said the funds would provide further modifications to the company’s resin and wax extraction complex in Northland, which was officially opened last week.

These would take the complex up to a peak capacity of 5000 tonnes per year. The issue price will be 50c a share and Sir George said Leyland Growth, Ltd, which holds 20 per cent of Kaurex, would fully underwrite the issue.

Sir George said he was retiring as chairman of Kaurex from the end of December and he understood that Mr John Strevens, the chairman of Leyland Growth, would be the new chairman.

Sir George said Leyland Growth had indicated it wished to take a far greater responsibility in the management and financial control of Kaurex and to move the company’s head office from Wellington to Auckland at an early date.