Listed residential property specialist Blue Chip NZ plans to raise about $7 million from the issue of new shares and is moving into financial services.
Tuesday, March 29th 2005, 6:48AM
by The Landlord
Chairman Jock Irvine said the offer was pitched at small shareholders, particularly those who had owned shares in defunct IT company Newcall Group. Last June, the then-listed shell Newcall took over the unlisted Blue Chip.
More could be expected from the new firm soon, he said, possibly including the appointment of a new director and the sale of shares.
Former National MP Wyatt Creech joined Blue Chip's board in December, Irvine joined in October and a third independent director is expected in the new few weeks.
Irvine, former chairman of Newmarket Property Trust and a former director of Pacific Retail Group, said he expected that brokers would soon take a closer look at the company.
