Markham offer for its Australian float
PA Wellington Former shareholders of property development company, Markham Developments, are being asked to subscribe for new shares as the company floats in Australia.
Markham was this year subject of a management buy-out led by managing director, Mr Pat Rippin. The company has issued a prospectus offering 4 million ordinary shares of Aust2sc each for cash at a 25c premium. In addition, 4 million free
attached options will be issued, exercisable on or before June 30, 1991, at Austsoc. The issue will close next January 25.
Mr Rippin said in a statement yesterday that shareholders had asked for a further commercial association with Markham when he announced the management buy-out at the company’s annual meeting last June.
Australia offered incredible opportunities. It was not possible to
generate good profits from property investment and development in New Zealand now, he said.
Markham would relist on the second board of the Perth Stock Exchange. This was for administrative simplicity and the listing would be moved to the Queensland main board next year.
Markham would look for opportunities with a broad emphasis on real estate and constructionrelated activity.
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Press, 23 November 1988, Page 44
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191Markham offer for its Australian float Press, 23 November 1988, Page 44
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