Woodstock plans to restructure

Press, 3 February 1987, Page 20

Woodstock plans to restructure

PA Wellington Recently-listed Woodstock Investments, Ltd, plans to expand its operations and diversify into horticulture, deer and goats.

Shareholders would be asked to approve a plan to enlarge the company’s capital base so it can acquire assets valued at $lO million, the company said.

Woodstock would buy assets presently managed by Homer Greenlees and Associates, of Tauranga, and owned by partnerships promoted by that company or its principals.

Provided its offer was accepted by the partnerships involved, Woodstock would pay for the assets by issuing 11 million of its shares at 60c each, and would pay the rest in cash.

Additionally, Woodstock

planned to make a cash placement of eight million ordinary shares at 60c to Homer Greenlees Corp Ltd. This company, being floated by Homer Greenless and Associates, already held 20 per cent of Woodstock and would lift its shareholding to about 40 per cent. The operations to be acquired were:

• 140 hectares of maturing kiwifruit, Asian pears and other horticultural crops located in the Waikato and Bay of Plenty areas. • A modem packhouse and coolstore operation based in Katikati. • Two small deer units and associated land holdings run in conjunction with orchards. • Two angora goat studs which will be combined with the Woodstock angora stock to form a 200-strong elite stud. Woodstock said its

shareholders would be given an entitlement to buy shares in Homer Greenlees Corp before it listed.

Subject to shareholder approval, the company would also offer shareholders a free option to subscribe for one ordinary share for every two held on May 1 . The options would be excercisable for 60c a share between August 1 and October, 1992, the company said. After restructuring, Woodstock would have a total issued capital of 25 million fully paid 50c shares, 1,525,000 50c shares paid to Ic, 14,862,500 listed options and 3.2 million nontransferable options. Shareholders would be asked to approve the restructuring at an extraordinary general meeting in Auckland on February 19.