New look for Australian Growth

PLANTATION timber company RuralAus Investments - formerly known as Australian Growth Limited - has plans to boost its cash reserves and restructure its board as it seeks re-quotation of its shares on the Australian Stock Exchange after voluntary administrators were appointed nearly two years ago. Shareholders recently approved a plan to recapitalise the company by way of a public offer of just over 18.5 million shares at an issue price of not less that 20 cents. In addition, the company hopes to consolidate its existing shares, which will allow creditors and administrators to be paid and business activities recommence. Under the board restructure former federal assistant treasurer George Gear has been appointed as a non-executive board member.

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