Akron expects March listing
Akron Corporation, Ltd, a financial sendees and electronic database information service for the thoroughbred industry, is seeking listing on the New Zealand Stock Exchange. The company’s activities will be centred on Sissian Acceptance Corporation, Ltd, (SACL) of Sydney, a finance company that concentrated on people who own a lot of money.
Akron will buy this business, and Mr Michael Sissian, the manager and founder, will become chief executive of the new company.
It expects to be listed in March.
Akron will begin trading with 10.67 million 50c ordinary shares on issue. Consideration for buying SACL will be 2,665,000 fully paid ordinary shares, carrying a 50c premium each, and a further 1,330,000 50c ordinary shares at a premium of 50c each, but part-paid to 20c in par value and in premium, giving a total consideration of $3,197,000. In addition, a further 1.6 M options for ordinary 50c shares at an exercise price of 150 c before March, 1989, and 170 c before March, 1990, will be issued to SACL.
NZI Corporation, Ltd, will hold 3.2 M shares, or 30 per cent, and Troy Corporation, Ltd, 1.2 M shares, or 11.25 per cent The remaining shares, 3,605,000 will be issued to the public. A company profile shows that Akron expects a net profit of $1;325,000 this year to December 31, growing ‘to $3,381,000 in 1991. Finance activities will earn $4.4M and bloodline database SI.2M this year, and the financial services are expected to jump to $15.4M in 1991, while the database funds will be down slightly at SLIM.
Akron is using Ryland Holdings, Ltd, a shell company, as a backdoor listing on the Stock Exchange. The chairman of Akron will be Mr Lloyd Brown, an Auckland lawyer, who is the chairman of Feltex International, Ltd. The managing director will be Mr Derek Wetterling, previously the executive director of Societe Generale Australia, Ltd, a subsidiary of the large Belgium merchant bank.
No prospectus has been issued for the float as the 3.6 M shares going to the public will be done by placement at 100 c each by Buttle Wilson, Ltd.
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Press, 4 February 1987, Page 39
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352Akron expects March listing Press, 4 February 1987, Page 39
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