CHH Swiss boost
PA Auckland •The 173 million Swiss franc convertible bond issue in March by Carter Holt Harvey, Ltd, has proved a successful way to raise new capital in a tight capital market. More than 28 per cent of investors in the issue have opted to convert their bonds into 19.6 million ordinary shares worth $5l million, according to the company’s secretary, Mr N. J. Keen. Fluctuations in the New Zealand-Swiss exchange rate and the Carter Holt Harvey share price have periodically made it profitable to buy the bonds and
convert them into shares, which have then been sold in the sharemarket, giving rise to large turnover in the stock recently. In the last nine days about 6.7 million Carter Holt Harvey shares, or nearly 1.5 per cent of the company’s capital, has been crossed. Mr Keen said the bond issue had been good for the company, the new shares being issued at 260 c each. He said this was higher than the company could price cash issue on market and strengthened the company’s balance sheet.
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Press, 26 June 1989, Page 30
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177CHH Swiss boost Press, 26 June 1989, Page 30
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