Rada loan $67M

Press, 15 January 1988, Page 21

Rada loan $67M

Prorada Properties had $67.5 million on loan to Rada Corporation, Prorada’s directors said in a statement yesterday. All interest to December had been paid in full. In addition, the 50,000 100 c redeemable preference shares issued by Rada Nomineess to Prorda Properties at a $999 premium were redeemed for cash in March, 1987, and notice of the redemption was notified to the Companies Officers. The directors said this information had been released to clarify "recent inaccurate media speculation.” Prorada Properties is 50 per cent owned by Rada and 24 per cent by N.Z. Forest

Products (NZFP). Meanwhile, Rada has appointed Mr Michael Feeney as a director and chief executive to manage the affairs of the company until all the regulatory approvals had been received for Elders IXL, of Australia, to acquire a controlling interest in Rada. Mr Feeney joined Elders in February, 1987, as an executive director in charge of corporate strategy after experience with Philip Morris and Lindeman (Holdings).

Rada’s current chief executive, Mr George Wheeler, would concentrate on his duties as managing director of NZFP, said Mr Bob Gunn, the chairman of Rada.