STREET CONS SCHEME

Press, Volume CI, Issue 29841, 6 June 1962, Page 17

STREET CONS SCHEME

Reconstruction Of Capital <A> Press Associat'ori) AUCKLAND. June 5. Strert Consolidated Industries, Ltd., Hamilton, is to be wound up and the preference and ordinary shares exchanged for shares in D. C. Street Construction Company. Ltd.—the only company of the group which will remain in existence. The scheme of reconstruction has been lodged at the Supreme Court. It will be put before shareholders at an extraordinary general meeting on June 14. At the last balance date paid capital of Street Consolidated Industries * was £220.000. which included 110.000 £1 preference shares. For the purposes of the scheme shares will be considered in three sections—ordinary shares, “Street family group” ordinary shares and preference shares. Family Shares The "Street family group’’ shares are those allotted when the holding company on its formation in 1955 took over the construction company. Ordinary £1 shares will be written down to 15s and exchanged for shares in .the construction company in the ratio of three 5s construction company shares for each holding company share. Five "Street family group” shares will be written down to 12$ and exchanged for twelve 5s shares. Preference shareholders will get one £l. 5j per cent, cumulative preference share for every two held and also a cash payment of 10s a share. In addition arrears of preference dividends will be satisfied by a payment of 7s 6d. This will require £9281 whereas arrears to February, 1960, total £24.750. Preference dividends will be paid for 1961 and 1962 at the rates of 5 per cent, and 52 per. cent, respectively. Capital Increase * To enable these proposals to be put into operation, it will be necessary to increase the paid capital of the construction company by creating a further 21.250 5s ordinary shares and 5000 £1 preference shares. Companies other than the holding company which will be liquidated are Atlas Timber and Hardware Company. Ltd, Cleveland Engineering Company. Ltd., Hamilton Joinery Company, Ltd., Penrose Construction Company, Ltd., and Pineville Properties, Ltd.’