Company News £2m CAPITAL SOUGHT

Press, Volume XCIX, Issue 29227, 10 June 1960, Page 18

Company News £2m CAPITAL SOUGHT

Chevron Hilton Hotels In N.Z. (New Zealand Press Association) AUCKLAND, June 9. A total of approximately £2 million will be raised in New Zealand by Chevron Hilton Hotels, Ltd., Melbourne, in the next few years. The <eompany will make an issue of approximately £2.5 million in 5s shares debentures in September, of which it is understood that about £500,000 will be raised in New Zealand. This will be followed at intervals by other issues until about £2 million has been raised in this country. The issues will be in both shares and debentures, the proportion being 40 per cent, shares and 60-per cent, debentures. They will be underwritten by a firm of Auckland sharebrokers. Chevron Hilton Hotels, Ltd., has increased its nominal capital from £1 million to £lO million. The Hilton Hotel Corporation, of America, will have a minimum of 15 per cent, and a maximum of 25 per cent, interest in the reconstructed company, which has in plan an extensive programme of hotel development in capital cities, beginning with large-scale additions to the Chevron Hotel in Melbourne. Later the company plans to build hotels in Brisbane, Perth, Newcastle, Auckland, and Christchurch.