FLETCHERS TO ISSUE NOTES
Offer Of One For Four
(New Zealand Press Association.) WELLINGTON, June 10.
The directors of Fletcher Holdings, Ltd., propose to issue 700,000 5} per cent, registered, unsecured, convertible notes on the basis of one for each four ordinary shares or convertible debentures held on July 5. The notes will be converted on April 30, 1965, two ordinary shares being allotted for. every three notes held.
It is also proposed to increase capital from £4m to £sm by the creation of Im ordinary £1 shares. Consent to this increase has been given in terms of the Finance Emergency Regulations. The company states that the proposed increase in capital is a step in the directors’ long-term plans. It is not intended to issue immediately any of the new ordinary shares. The proposal will be submitted to shareholders at a meeting on July 5.
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Bibliographic details
Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16
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145FLETCHERS TO ISSUE NOTES Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16
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