Nuhaka issue
The Nuhaka Farm Forestry Fund will make a cash issue to repay debt and meet costs until the forests- are harvested. The AMP Perpetual Trustee Company (N.Z.) which administers the fund, said the one-for • four renounceable issue at 200 c a unit would be payable on application. Nuhaka has been trading at 280 c. The fund, set up in 1974, has been hit by the ending of the forestry encouragement grant scheme in 1984. This was the main source of' funds for the development of the forest. In recent months the shortterm financial needs have been met by a loan from the forestry hardship loan scheme administered by the Rural Bank. , The AMP Perpetual Trustee Company says further advances from this source are limited, and the interest rates are not as good as they were. The use of long-term borrowings until harvest begins in 1999 is not considered desirable, the AMP Perpetual Trustee Company says. The issue will be of up to 330,000 units, which would provide $700,000. This is half the amount the trustee says is required to repay debt and meet costs until harvesting begins. A further issue is planned for 1994-95.
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Press, 8 September 1989, Page 12
Word Count
196Nuhaka issue Press, 8 September 1989, Page 12
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