NEW DEBENTURE ISSUE

Press, Volume XCVII, Issue 28661, 11 August 1958, Page 13

NEW DEBENTURE ISSUE

Wright Stephenson’s Announcement (New Zealand' Press Association) WELLINGTON, August 10. Wright Stephenson and Company Ltd., anounces that it has the consent if the Capital Issues Committee to issue 500.000 5? per cent, registered unsecured convertible debentures of £1 each The debentures will be converted into ordinary shares on June 30. 1963, in the ratio of four shares for every five debentures then held (equivalent to 25s a share) They will be offered at par to ordinary shareholders registered on September 4. 1958. in the ratio of five debentures for every 23 ordinary shares then held. Shareholders will have the right of renunciation.

The issue will be underwritten by Daysh. Renouf and Company, members of the Wellington Stock Exchange, and the final details will be anounced shortly. The company also anounces that the directors are recommending a final preference dividend of 2\ per cent., making 5 per cent; for the year, and a final dividend on ordinary shares of 7 per cent., making a total of 10 per cent, (unchanged) for the year ending June 30. 1958. The dividends, if approved >y shareholders, will be payable on October 10. and the transfer books will be closed from 5 p.m. on September 25 to October 10 inclusive.

TINWALD DOG SALE

Average Price Of 38gns Eighty-six of the 100 dogs offered at the second annual sheep dog sale held at the Tinwald saleyards were sold at an average price of 38gns. The top price of the day went to Mr lan Macaulay of Craigielea. Alburv. with a three-year-old headins dog going to Central Otago Tor 75gns. A two-year-old heading dog from Mr J M Hewson (TunaTW realised 71gns. and a bitch offered by Mr W Perry (Fairlie) was passed in at auction when the bidqing had reached 81gns Most of the dogs came off the back country in Canterbury and were offered in the course of six and a half hours of continuous selling after each had given a demonstration of its merits This was the second time that sheep dogs had been sold in this fashion at Tinwald. and it appears as though most buyers are satisfied with these conditions. A particularly good exhibition of dog handling was given by Mr J B Gibb, of Mount Somers who lined up- three heading dogs and one nuntawav dog at toe same time, and using the huntaway to hunt, sent the heading dogs out one after the other to head His dogs made from 49gns to 61ei-fe ~ The sale was followed by a gallery of about 300 drawn from districts from Blenheim to Central Otago. The sale was conducted by Pyne, Gould, Guinness Ltd.