WHAKATANE PAPER MILLS

Auckland Star, Volume LXXIV, Issue 33, 9 February 1943, Page 5

WHAKATANE PAPER MILLS

DEBENTURE TRANSFER PROPOSED Whakatane Paper Mills, Limited, has made arrangements with B. J. Ball (N.Z.), Limited, sole distributors of the company's products, to take over the first debenture issue of £70,000 (New Zealand currency) held by the London group. These first debenture holders have intimated that tliey expected to have their debentures paid off before any further interest was paid to share-holder-debenture holders. Acceptance of B. J. Ball's offer to take over the debentures would leave the company free to pay interest to share-holder-debenture holders and also to take advantage of a substantial concession offered by the London grroup for prompt payment. A meeting of debenture-holders will be held in Sydney on February 23 to give the trustees authority to consent to the issue of a new debenture and collateral mortgage to B. J. Ball (N.Z.), Limited, in substitution for the debentures previously held by the London group. At the same time the trustees are seeking authority to extend the maturity date of the debentures for a further three years. WlTakatane Paper Mills, Limited, have a further debenture issue (of £94,834) maturing on September 30 next.