Company News OFFER TO FACTORS

Press, Volume CII, Issue 30302, 30 November 1963, Page 18

Company News OFFER TO FACTORS

New Move On Holeproof (N.Z. Press Assn.—Copyright) MELBOURNE. Nov. 29. Directors of Factors. Ltd., announced today that an offer has been made by a large Australian textile company, of around £3.5m, for the whole of the assets of Holeproof. Ltd., Australia. In addition, financial assistance to Factors to the extent of £l.Bm has been offered by a large bankbacked financial institution. If this development is accepted by the trustee for debenture and note holders, the National .Trustees Executors and Agency Company of Australasia, Ltd., and by the receiver. Mr C. G. Landy, Factors would retain complete ownership and control of Holeproof, Ltd., New Zealand, currently earning about £350.000 a year after taxation of a similar amount, the directors say. They expect it will be possible to announce details soon. The directors say that this would mean full satisfaction of all outstandings to debenture holders, noteholders and unsecured creditors, and would hold real significance for shareholders. Other assets of Factors were still intact, and, in fact, had appreciated significantly in value in recent months. The board's estimate of the current net asset value of shareholders’ equity in the company was at least £3m after paying back all debenture holders, noteholders and unsecured creditors.