Company News STANHILL GROUP
Deb. Interest Overdue
(NZ. Press Assn—Copynght) SYDNEY, Feb. 12.
Talks concerning the future of the Stanhill group of companies were held by the directors, including Mr Stanley Korman, in Sydney today.
It is understood the discussions included the interest owing on Chevron Sydney’s £2 million worth of public debentures. This interest, totalling about £85,000, was due on January 31 but now is expected to be paid on February 21—after taking the 14 days' grace. Notice Served
Trustee for the debenture holders, T. and G. Nominees Proprietary, Ltd., served a notice of demand, on Chevron Sydney and Stanhill Consolidated, Ltd., on February 7. The parent company, Stanhill, guaranteed the interest payments.
The Stanhill group comprise Stanhill Consolidated, Ltd., Chevron Sydney, Ltd., Stanhill Development Finance. Ltd., and Factors, Ltd. Stanhill Consolidated has £3,337,035 invested in Chevron Sydney while it was lent £2j million by Stanhill Development Finance. Rumours in the last month have hinted at a merger of the four companies or a takeover for Chevron Sydney by an overseas interest.
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Bibliographic details
Press, Volume CI, Issue 29746, 13 February 1962, Page 16
Word Count
173Company News STANHILL GROUP Press, Volume CI, Issue 29746, 13 February 1962, Page 16
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