FOODSTUFFS DEBS. ISSUE

Press, Volume CVII, Issue 31462, 31 August 1967, Page 14

FOODSTUFFS DEBS. ISSUE

Interest Range

to 7| p.c.

Foodmarket Finances, Ltd., a recently-registered subsidiary of Foodstuffs (Wellington) Co-operative Society, Ltd., Is making an issue of $500,000 registered, first debenture stock. The debenture stock is secured against $720,000 of advances which have been made .to-assist in the establishment of supermarkets and stores. These advances are themselves independently secured by first charge debentures over the assets of more than 100 companies spread over the . southern half of the North Island. Total Assets Substantial In a report accompanying the prospectus the chairman (Mr H; T. Kershaw) says that because each member of the organisation is required to introduce a substantial cash equity into his business and also because each advance is subject to a strict weekly reduction programme, the total assets charged under the trust deed are considerably in excess of $720,000. In addition, he says, the parent company unconditionally guarantees payment of interest and repayment of the debenture stock, and it also guarantees the repayment of all advances made by the company.

Five maturities are available.

On three year terms, interest will be at the annual rate of 6J per cent,.five years 6| per cent, seven years 7t per cent, ten years 71 per cent and 15 years also 71 per cent.

Wapet To Test Pasco Well (N.Z. Press Assn.—Copyright) SYDNEY, August 30. West Australian Petroleum, Pty., Ltd., is getting ready to test a higher zone of the Pasco No. 3 well on Pasco island, off the Western Australian coast. A test of the interval 7.3407348 ft in the well last Wednesday produced gas.