AMPOL NOTE ISSUE

Press, Volume XCVIII, Issue 28985, 28 August 1959, Page 15

AMPOL NOTE ISSUE

More Than £sm Offered

(New Zealand Press Association) WELLINGTON, August 27. A decision to raise more than £sm by a further issue of registered, unsecured convertible notes and a private placement of shares is announced by Ampoi Petroleum, Ltd., Sydney. All stock holders and convertible notes holders registered on January 15, 1960, will be entitled to participate in the issue of convertible notes held in the proportion of one convertible note for each three stock units and/or convertible notes held. The funds so raised will be used to finance service stations now under construction and which will be completed and income-earning prior to the closing date of the note issue, as well as for the expansion of the company's activities generally and for the purpose of increasing working capital. The notes will be issued 5s each at par, carrying interest at the rate of 6 per cent, per annum, and will be converted on April 1, 1967, into ordinary 5s stock units at par. Terms of Payment Payment may be made in full on application or 2s 6d on March 1. 1960, and 2s 6d by call on June 1. 1960 The notes will carry equal rights with stock units in any further cash issues of ordinary capital or convertible notes. Should the company at any time decide to make a bonus share issue, holders of these notes will be entitled to convert to permit participation. Holders of options to take up ordinary shares betweeen December I, 1959, and December 1, 1961, on payment of 15s in respect of each ordinary share taken up, will participate in this issue provided they exercise their option between December 1, 1959, and December 31, 1959. The issue is being underwritten by J. B. Were and Son free of underwriting charge. The company also announces that J. B. Were and Son has guaranteed a placement prior to September 30, 1959, of one million ordinary shares of 5s each for cash at a substantial premium. These shares will rank for the new note issue. The directors report that the satisfactory trend in the first half of the company's year has continued during the current half-year. They anticipate that the profits for the year ended September 30 will exceed those of the previous year.