Baker shares raise $9.1M

Press, 13 January 1987, Page 26

Baker shares raise $9.1M

PA' Wellington Baker Group Corp, Ltd, has raised $9.1 million by placing 3 million ordinary shares at 305 c each, the company said in a statement The placement was made to increase the equity base of Baker’s property activities, as well as to secure property assets, it said. The broker, Paine Belcher, Ltd, organised the share placement. Beta Corp, Ltd, became a 6 per cent shareholder in Baker, after subscribing for 1,281,000 shares. The rest of the placement was taken up by major institutions. Baker, a Chase Corp, Ltd, associate, yesterday at

350 c a share. The chief executive of Baker, Mr Gareth Morgan, said the need for extra capital reflected the rapid growth in the company’s operations, especially in the property development sector. Baker expected to have more than $lOO million in assets under management at March 31. In addition, Baker said it had recently made commitments to developments totalling $l4O million, including a 17-storey commercial development in Takapuna; the securing of the Gulf Mazda site in Takapuna; and a major inner city redevelopment in Karangahape Road, Auckland.