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MAINLINE TO
FORM N.Z.
OFFSHOOT
Mainline Corporation
Limited said it has
incorporated a new
company — Mainline
Corporation of New
Zealand — which has
acquired all of Main
line's New Zealand
interests.
The new company is to
be floated with 519c of its
equity being offered to
New Zealand residents
at 70c per 50c share.
The Mainline parent
company will retain 49%
of the new company and, in
exchange for an undertak
ing to provide continuing
assistance to the New
Zealand group, has been
granted options to take up
a further 300.000 ordin*
ary shares at 70c each.
These options may bo
exercised any time be
tween October 1. 1975 and
September 30, 1977.
The new company will
take over Mainline's build
ing and development oper
ations throughout New
Zealand, where it has a
variety of buildings at
present under construction
in Auckland and Welling
ton.
They include offices, ho
tels, . educational and in
dustrial buildings and
have an aggregate value of
$7 million.
The offer of shares in
the new company will
open on November 6,
1973 and remain open un
til November 13.
$