Option change for Carr

Press, 29 January 1988, Page 20

Option change for Carr

PA Auckland Carr Business Services, listed on the second board, has changed the terms and conditions for the conversion of 3 million free options, issued on April 30. Originally, the options were issued in the ratio of three for each ordinary share held and were to be convertible into fully paid shares at 100 c each on April 1. However, they will now be

convertible over a period of three years, in full or in such numbers as each holder may decide, on April 1 this year at 110 c, April 1, 1989, at 110 c, and April 1, 1990, at 120 c each.

Mr John Carr, the managing director and major shareholder in the company, has agreed to convert a minimum of 30 per cent of his holding this year, a further 30 per cent in 1989, and the remain-

ing 40 per cent in 1990. The chairman, Mr N. P. Webber, said the change had been made because of the diminished short-term need for the proceeds of the full conversion on April 1 this year.

The big swing in the exchange rate of the dollar against United States currency and the world-wide crash of sharemarkets were additional factors, he said.