XN000022-1973-03-02 — Page 13

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Friday, March 2, 1973

MINIMUM PAID UP CAPITAL SET

For Purpose Of Public Offer Or Placement

At their meeting held yesterday, the Securities Advisory Council proposed to the Financial Secretary that as from today, companies whose shares are to be offered publicly should have a minimum paid up capital of $50 million, and those companies for which there is to be a placement

should have a minimum paid up capital of $20 million.

In each case the figure of paid up capital should include any

capital to be issued for the purpose of the public offer or placement.

The Financial Secretary accepted these proposals and the Commissioner

for Securities spoke accordingly to the Chairmen of the four stock exchanges

this afternoon.

The provisions previously announced relating to the minimum proportion

of share capital to be made available will therefore be simplified as

follows:-

Public Offers

25 per cent of paid up share capital.

Placements

paid up share capital

proportion

$20 m. and up to $25 m.

40 per cent

$25 m.

TI

11 $30 m.

35 per cent

$30 m.

" $35 m.

30 per cent

#35 . and over.

25 per cent

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