W. Neill to split
PA Wellington Wilson Neill, Ltd, which is to merge with Saudi New Zealand Capital Corp., Ltd, has proposed to split its 50c shares into 10c units. In a letter to shareholders the chairman of Wilson Neill, Mr Jim Valentine, said that because of the merger there was not enough unissued capital for the compny’s one-for-two bonus issue to go ahead as scheduled.
The company has called an extraordinary general meeting for January 21 to increase its authorised share capital from $2O million to $lOO million made up of 50c units, and then to split the 50c units into 10c shares, giving it an authorised capital of 1000 million 10c shares.
Once the increase in share capital was approved the bonus issue would be made on the basis of the number of 50c shares held, a company spokesman said later.
Mr Valentine said the merged company would have many complementary activities.’
The merged group would have a strong export operation.
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Press, 26 December 1986, Page 7
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163W. Neill to split Press, 26 December 1986, Page 7
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