Company News CHEVRON SYDNEY
£l.3m Deb. Issue (N Z. Press Assn.—Copyright) SYDNEY. June 25 Chevron Sydney. Ltd., is seeking £1,398.670 in debenture money for further development of the hotel to enable it to earn more than all the interest charges, and have a cash surplus. The chairman. Sir John McCauley, in a brochure released today, appealed to shareho’ders to subscribe to the issue He said the object of the scheme was to evolve a sound, workable intermediate plan of development by the addition of 188 bedrooms. making a total of 420 The company intends to raise the £1.4 million by an issue of first mortgage deben. tures. which would rank equally with existing debenture stock. The company has called a meeting for July 16. in Melbourne. to consider the scheme. The directors said
that the partly-completed building programme Of the hotel had resulted in a profit rate of £lBO,OOO a year before interest payment. They said the high-income floors were not completed until December, 1961. and it would not be possible to assess whether this rate will be maintained until a full year from that date expired The debenture stock carries an interest rate of 84 per cent.—the same as in the previous issue—and has a currency of seven years.
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Bibliographic details
Press, Volume CI, Issue 29858, 26 June 1962, Page 15
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210Company News CHEVRON SYDNEY Press, Volume CI, Issue 29858, 26 June 1962, Page 15
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