TOTARA PARK DEBS RESPONSE

Press, Volume CVII, Issue 31501, 16 October 1967, Page 17

TOTARA PARK DEBS RESPONSE

The response to the $500,000 public debenture issue by Totara Park Development, Ltd, Wellington, has not been as satisfactory as expected, says the chairman (Mr K. J. O’Sullivan) in the annual report However, sufficient funds have been coming in to meet the company’s, requirements and time schedules for the development of the first part of the subdivision at Upper Hutt. Totara Park had $389,700 in debenture stock at the balance date of June 30 but of this, $259,560 was issued as part payment for 275 acres on the western side of the Hutt River, opposite Upper Hutt city. The total price of this land was $454,804. The accounts show a net loss of $48,603 for the 15 months to June 30 but this loss has been capitalised and included in fixed assets. Paid up capital, in ordinary shares, is $216,700 and there is uncalled capital of $183,300 which can only be called at the request of the debenture trustee. Satisfactory arrangements have been completed to ensure that the company will receive adequate finance up to the extent of the debenture issue to maintain its development programme, says Mr O’Sullivan. The timing of the development and the respective costs of each phase of the work have been kept within the budget estimates. M.S.D.-Speirs, Ltd, Marton, holds 49 per cent of the paid-

up capital and the balance is held by shareholders of M.S.D.-Speirs and promoters of Totara Park.