New Capital Needed
(New Zealand Press Association) INVERCARGILL, Sept 21. Some additional capital is required at a fairly early date to put the Southland Cement Company on a permanent, sound financial basis for the future. It is the present intention of the directors to issue for subscription 80,000 shares of a nominal value of 10s each at per. They will be payable 5s on application, with a. further call of 5s payable not before three months from the date of allotment. That is designed to produce cash funds to pay off a balance due to Fletcher Construction Company, Ltd., reduce bank overdraft to a satirfaciory figure, make provision for reduction of other liabilities and provide finance for necessary additions to plant and equipment.
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Bibliographic details
Press, Volume XCIX, Issue 29317, 23 September 1960, Page 18
Word Count
123New Capital Needed Press, Volume XCIX, Issue 29317, 23 September 1960, Page 18
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