Meeting Approves Reid M. Scheme
(N.Z. Press Association —Copyright)
MELBOURNE, August 30.
About 40,000 investors may receive 22m dollars before the end of the year as a result of a meeting of more than 1000 debenture holders in Reid Murray Acceptance, Ltd (receivers appointed), which crammed the South Melbourne Town Hall.
It adopted a scheme of arrangement between the company and its creditors. The scheme must now be approved by the Supreme Court.
Under the scheme unsecured creditors are likely to get 11c in the dollar.
About 40,000 debenture holders are owed 58m dollars, and unsecured creditors are owed 2.5 m dollars. Shareholders have lost everything. Mr E. H. Niemann, one of the receivers, told today’s meeting of debenture holders
that the total amount payable to them could range from about 60c in the dollar to about 78c in the dollar.
A vote of 50 per cent in number and 75 per cent in value of those present and voting in person or by proxy was required to pass resolutions at the meeting. If the scheme of arrangement agreed to by the meeting is sanctioned by the Supreme Court, about 40 cents in the dollar will be sent before Christmas to all debenture holders.
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Bibliographic details
Press, Volume CVI, Issue 31152, 31 August 1966, Page 20
Word Count
204Meeting Approves Reid M. Scheme Press, Volume CVI, Issue 31152, 31 August 1966, Page 20
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