Freightways offer trimmed

Shareholders seeking to buy Freightways shares via a shareholder purchase plan will be able to buy only a small amount of shares they applied for.

The company said the offer was oversubscribed by 1040 per cent.

Applications will be scaled back on a proportionate basis so a shareholder who applied for the maximum 5122 shares is expected to be able to buy only 449 shares.

No interest is payable on refunds. Shares to be issued under the plan will be allotted on June 5.

The plan offered shareholders shares on the same terms as the sale of $45 million of shares at $2.44 each to institutional shareholders.