NAT. MORT. MOVE

Press, Volume CIII, Issue 30498, 21 July 1964, Page 17

NAT. MORT. MOVE

Share Capital Changes

■•(N.Z. Press Association) DUNEDIN, July 20. Proposals to reorganise the share capital of the National Mortgage and Agency Company of New Zealand, Ltd. will be considered by shareholders at meetings in London on August 12. At present the company has an authorised capital of £6m, which is made up of 3,750,000 A £1 shares paid to 4s each and 11,250,000 B shares of 4s each. Issued and paid-up capital is £2,250,000, of which £740,009 is from 2.7 m A shares and 7,550,000 B shares fully paid at 4s each. Proposals If the proposals submitted to shareholders are approved it will mean:— The 16s liability on the Issued A shares will be cancelled. The separate rights and privileges attaching to both A and B shares will be cancelled and both will be converted into ordinary shares of 4s each, fully paid and ranking pari passu in all respects. The reduction of capital with the cancelling of the liability on the issued A shares will be restored by the Creation of 14.8 m additional ordinary shares of 4s each and the 50,000 unissued A shares will be converted into 250,000 ordinary shares of 4s each. This will then restore authorised capital to £6m. divided into 30m. ordinary shares of 4s each.