5-valve 3-band minature mantle radio.
A note on the service information indicates it might possibly have also been released as a broadcast-band only set (or possibly the UK(?) model was 3-band and NZ version was just broadcast).
Valves (5): UCH42, UF41, UBC41, UL41, UY41
Intermediate Frequency: 470kc/s
Frequency Bands: 3
Chassis Notes(most schematics can be clicked to download a full size version)
Schematic is missing some component information - a better copy would be great if anyone has one.
Service information (PYE_PZ98U.pdf) here
General Construction Notes for Akrad Radio Corporation Ltd:
Akrad sets often consist of 3 (or 4) numbers (eg: 518, 1059) or number-letter-number (5M4), and a common pattern exists for these sets: The first digit(or 2 digits in the case of 10-or-more valves) is the number of valves, the second is the number of bands and the third is the last digit of the year. Where the middle digit is a letter rather than a number it generally refers to the type of set - M for mantle, P for portable, G from radiogram etc
Often sets can be dated by the speaker, as many Akrad sets from the Pye era have the date of manufacture stamped on the back of the magnet housing.