Kiwi Gold tidies scrip

Press, 17 May 1989, Page 37

Kiwi Gold tidies scrip

PA Wellington Kiwi Gold N 1 has completed a tidy-up operation on 200,000 unwanted shares. The gold prospecting company took the partlypaid shares back from its employees who opted not to pay the 219 c per share outstanding. Kiwi Gold shares last traded on the market at 14c. The shares, forfeited for non-payment of a call, were offered for sale by Kiwi Gold at an auction last week. Not surprisingly, there were no takers. Kiwi Gold’s managing director, Mr David Seton, said no-one showed up for the auction and the shares had been registered back in the name of the company. “They have fallen back into the capital of the company to be reissued at another time,” he said. Kiwi Gold, listed on the Stock Exchange in March 1987, has fully-paid issued

capital of 24.55 million shares. The 220 c issue price on the partly paid shares was in line with market values for Kiwi Gold when they were issued in 1987, with a par value of 25c. Under the company’s no liability status, the shareholders did not have to come up with more than the 1c paid on initial subscription. The company expected High Court approval of transactions regarding Kiwi Oil within a fortnight, Mr Seton said. Kiwi Gold has received shareholders’ approval for acquiring control of Kiwi Oil by the purchase of 6.8 million shares in that company. It paid for that by issuing 6.8 million shares in Kiwi Gold. Kiwi Gold sold the majority of its mining interests to Kiwi Oil in exchange for 12 million shares in Kiwi Oil.