Rada buys into Fullers

Press, 25 September 1987, Page 12

Rada buys into Fullers

PA Wellington Rada Corporation yesterday confirmed it had bought a 42 per cent interest in Fullers Corporation, an Auckland leisure and tourist operator. The deal involved 13,389,700 shares, 5,627,200 of them by a placement through the Fullers board at 50c a share. The placement represents 17.7 per cent of Fullers enlarged capital. The other shares have been bought off-market at up to 40c a share. Fullers sold at 38c late last week before speculation on the issue began. The deal is subject to Commerce Commission consent The other main shareholders are now Jagwar Holdings, 22% and Julian family interests, 10%; and the public 23%. Rada’s chairman, Mr Bob Gung, and Fullers’s chair-

man, Mr Harry Julian, said that a restructured board of Fullers would reflect the new shareholding of the group and place a greater emphasis on the marketing of Fullers’ tourist and commercial activities. Rada’s involvement in tourism and commercial transport would ensure that the objectives of Fullers, as given when it listed on the Stock Exchange last year, would be achieved, they said. Rada holds 49.25% of Newmans Group, the tourism and airline group. Fullers incurred a loss of $283,000 in the four months to April 30.