Tag property expansion

Press, 22 May 1987, Page 11

Tag property expansion

PA Wellington Tag Corp, Ltd, is expanding its property investment interests held through its subsidiary Property Link, Ltd. Tag’s Property Link shares are listed as a separate class of shares on the New Zealand Stock Exchange. The company is to issue 1,266,439 Property Link shares to acquire 100 per cent of the Wellington based property company Charter Properties, Ltd. The company will now be managed by Mr Brian Bennett, who was responsible for

the formation of City Realties while property manager of Brierley Investments, and is one of the Charter Property shareholders. Tag’s property division will hold a portfolio of 11 income earning investment and redevelopment properties mainly in the Wellington fringe business district. In addition to these properties Property, Link holds 1.1 million shares in Harcourt Corporation, Ltd, resulting from the sale of its investment in Industrial Products, Ltd. When the proposed moves

have been implemented the number of shares on issue will have grown from 1,761,603 on listing two years ago to 7,471,017. The company has relatively low gearing and the results of its activities in the current financial year will far exceed the first year operation results, chairman, Mr Peter Wise, says. The net tangible asset backing of Property Link shares at balance date is expected to show a high margin over the current share price.