TRUST DEED BREACHED
Frigrite To Repay Notes (N Z. Press Association) MELBOURNE, November 13. Frigrite, Ltd, air conditioning and refrigeration group, has breached its convertible note trust deed and will repay the £lOO,OOO issue. The breach has been caused by the large group loss incurred in 1962-63—yet to be announced by directors. Since the breach, the trustees for the note-holders have called on the company to repay the notes. Directors of Frigrite revealed these moves in a letter to the stock exchange. National Trustees Executors and Agency Company of Australasia, Ltd, have called on directors to repay the notes. The notes were originally planned to convert into 10s ordinary shares on June 30 next year. Basis of the conversion was at par—one 10s note to be exchanged for one share. The shares yesterday sold at 6s Id. The company has decided now to repay the notes in cash rather than by the conversion into shares. Directors of Frigrite said that interest would be paid on the notes until the date of payment of the principal to the trustees.
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Press, Volume CII, Issue 30288, 14 November 1963, Page 27
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178TRUST DEED BREACHED Press, Volume CII, Issue 30288, 14 November 1963, Page 27
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