Markham lists in Perth .

Press, 8 December 1988, Page 26

Markham lists in Perth .

The former Wellington property developer, Mr Pat Rippon, is to list his company, Markham Investments, on the Perth Stock Exchange. Mr Rippon is floating a reconstituted Markham Investments in Australia with the aim of raising sAustl.l million (SNZI.4 million) by offering four million 25c shares at a premium of 25c, with free attached options. Despite listing on Perth’s second board, Mr Rippon plans to operate the company from Queensland’s Gold Coast, close to the home units he has built during the past two years.

Last year Mr Rippon organised a management buyout of Markham Investments at 109 c a share against the going price of 39c. “The reason the com-

pany chose Perth to list is that the listing requirements there suited it better than anywhere else in Australia,” according to Mr Bob Crawford, of Brisbane, the stockbroker, Pemroke Josephson Wright, who are sponsoring the float. Mr Rippon has been critical of the performance of the New Zealand economy and recently said there were no worthwhile investment opportunities left in New Zealand.

"Our formula for establishing quality low-rise apartments close to major developments such as Sanctuary Cove and Bayview Harbor residential marinas has worked well. "We have done our homework and are confident of making a significant impression in the property-related investment scene in Australia,” Mr Rippon said.