ASSOC BRIT. CABLES
Deb. Issue Of £400,000 Associated British Cables, Ltd., Christchurch, will proceed soon with a public issue of £400,000 of registered debenture stock. Announcing the issue on Friday the chairman (Mr A. T. Young,) said the issue was being made in accordance with plans announced last October, at the time when the company made a public issue of ordinary shares. The proceeds of the debenture issue would be used to complete the expansion scheme.
The programme includes factory extensions at Sockburn, which are already well advanced, and the installation of further machinery for the manufacture of heavy underground cables. Mr Young said that although the total cost of the expansion scheme was likely to be about £1,575,000, it was not expected that the company would seek further outside financial support for this project. The terms and interest rates for the issue will range from three years at 6 per cent a year to 10 years at 10 per cent a year. The prospectus for the issue is expected to be filled about the middle of this month.
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Press, Volume CVI, Issue 31363, 8 May 1967, Page 19
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179ASSOC BRIT. CABLES Press, Volume CVI, Issue 31363, 8 May 1967, Page 19
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