Pyne’s into Apple Fields
The share capital of Apple Fields is to be expanded by the isue of 4,285,714 new 50c ordinary shares to Pyne Gould Corporation and 571,428 new 50c ordinary shares to interests related to the executive directors. The transaction is subject to the approval of shareholders of Apple Fields and to the approval of the Commerce Commission.
Both parcels of shares are to be placed for cash at 175 c and interest is to accrue to Apple Fields until settlement, which will occur when all necessary approvals have been received. The directors expect that in the near future existing shareholders will be given the opportunity to expand their shareholdings. On the completion of the placement, Pyne Gould Corporation will hold just over 27% of the company on a fully diluted basis. The funds raised will be put towards financing the company's expansion
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Press, 1 August 1989, Page 38
Word Count
145Pyne’s into Apple Fields Press, 1 August 1989, Page 38
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