Page 13 Advertisements Column 2

Press, Volume LXV, Issue 19691, 7 August 1929, Page 13

New Zealand Breweries Limited Notice to Holders of Debenture Stock Issued by the Company/ Payable to Bearer The Director* of the Company, after mature consideration as to the best method of re-arranging the capitalisation of the Company on fair and equitable lines between its Shareholders and Debenture Stock holders, in view of the success which has attended the Company's operations, recommended to the shareholders a scheme under which (I) the capital of the Company was to be increased to £2,000,000 by the creation of 1,500.000 new shares of £1 each (2) 250,000 of these new shares were to be allotted as fully paid up to the present shareholders by way of bonus distributed out of Reserve Profits, and (3) Debenture Stock holders were to be granted the option until the 10th day of January 1930 of exchanging their Debenture Stock as from the Ist day of April 1930 for fully paid up £l shares in the proportion of Two pounds of Debenture Stock for one fully paid up share. This scheme was considered by the shareholders at the ordinary meeting of the Company held on 17th July 1929, when the following Resolutions (inter alia), necessary to bring the same into effect, were duly passed: (a) That the holders of the Debenture Stock issued by the Company now current be granted the option of exchanging as from the Ist day of April 1930 the Debenture Stock held by «them respectively for fully paid up shares of £ I each in the Company in the proportion of Two pounds of such Debenture Stock for one of such fully paid up Shares, such option to be exercised by the respective Debenture Stock holders in writing addressed to the Directors of the Company in Wellington on or before the Tenth day of January 1930. (b) That one fully paid up Share of £ I in the Company be allotted on the First day of April 1930 to each Debenture Stock holder, who shall on or before the Tenth day of January 1930 exercise the option for conversion granted to him or her by the Company in satisfaction and discharge of every £2 of Debenture Stock surrendered by him or her to the Company on the First day of April 1930 for cancellation and in exchange for such shares in terms of such option, and in the event of. any such Debenture Stock holder being entitled upon such exchange to a fractional share, then such fractional share shall be dealt with by the Directors of the Company for the benefit of such Debenture Stock holder in such manner as they may determine. (c) That for the purpose of the filing by the Company of a con ," t tract in terms of Section 97 of "The Companies Act 1908, in order to evidence the title of the several Debenture Stock holders to the fully paid up Shares to be issued to them respectively in exchange for their respective Debenture Stock the Directors of. the Company may appoint any person to sign such contract on behalf of the several Debenture Stock holders entitled to such Shares as aforesaid. The Bearer Debenture Stock which you hold forms a portion of an issue of £1,000,000 Debenture Stock made by the Company about 6 years ago. This Debenture Stock bear* interest at the rate of 10 % per annum, and the Company is entitled to redeem the same on the First day of July 1933. When this date arrives, the investment at the rate of 10% per annum (free of tax) will have been current for a period of ten years and will have proved a very lucrative investment to the original investor who up the stock at par. The investment has proved such an attractive one that the stock has appreciated considerably in value on the market; but present values are not likely to be maintained when it is realised that redemption may take place at par on the date above mentioned. The strong financial position of the Company does not warrant the existence or continuance of a charge on the assets of the Company (yielding 10% per annum) beyond the date when the Company is first entitled to redeem, and the Directors contemplate the redemption of the issue in July 1933, and expect that such redemption will then be effected. Such being the case, the Directors deemed it advisable to find some method of giving to the Debenture Stock holders the option of changing their investment to that of a share investment presenting attractive earning power and possibilities. They considered that it would be unfair to the Debenture Stock holders to withhold from them the information regarding their policy respecting the redemption of the Debenture Stock—hence their recommendation of the above scheme and this present notification of its adoption by the shareholders. NOTICE, THEREFORE, IS HEREBY GIVEN that all holders of Debenture Stock are granted (in terms of the Resolutions set out above) the option until the 10th day of January 1930 of exchanging their Debenture Stock as from the First day of April 1930 for fully paid up Shares in the Company in the proportion of Two pounds of Debenture Stock for one fully paid up Share. All holders of Debenture Stock who desire to exercise this option must sign a request in the form prescribed by the Company and return same to the Secretary of the Company at Wellington on or before the 10th day of January, 1930. • Fopns of request are obtainable from the Secretary of the Company, P.O. Box 211, Wellington, and at the branch offices of the Company at Auckland, Gisborne, Wellington, Christchurch and Dunedin, and at every branch of all Banks operating throughout New Zealand. Any Debenture Stock holder who exercises this option must comply with conditions imposed by Resolution (b) set out above, namely:—He must on or before the First day of April 1930 forward or hand to the Secretary of the Company at Wellington his Debenture Stock Certificate or Certificates, having attached thereto ail Interest coupons payable on and after the Ist day of July 1930. Coupons payable on, and prior to, the Ist day of April 1930 will be retained by him and presented for payment on due dates. And subject to such compliance he will be allotted on or about the Ist day of April 1930 the number of fully paid up shares to which he will be entitled. Holders of an odd amount of Debenture Stock will not be able to exchange the odd pound of Debenture Stock for Shares, and consequently the Directors have decided to redeem such odd amounts in cash at the rate of £l/7/6 for £1 of Debenture Stock. By way of example, the holder of £75 of Debenture Stock, who exercises the option to exchange, will receive a Certificate for 37 Shares and the sum of £l/7/6 in cash. Since all Debenture Stock holders who exercise the \ option to exchange will receive interest up to . die 31st day of March 1930, it is not intended that the Shares issued in exchange for Debenture Stock shall participate in dividends which may be declared in respect of a period prior to the Ist day of April 1930. The first dividend, therefore, which will accrue on any shares issued in exchange for Debenture Stock will be the first interim dividend declared in respect of the financial year commencing on the Ist day of April 1930 and ending on the 31st day of March 1931. By Order of the Board, ALFRED S. BANKART Chairman of Directors. DATED at Wellington the 25th day of July, 1929.

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