G.U.S. Properties Seeks $120,000

Press, Volume CVII, Issue 31514, 31 October 1967, Page 21

G.U.S. Properties Seeks $120,000

G.U.S. Properties, Ltd, a subsidiary of Grocers United Stores, Ltd, Christchurch, is seeking $120,000 from the public in a first issue of debenture stock.

The interest rates are 7| per cent for the ’ five-year period and 8 per cent for 10 years ' and the issue opens on November 10.

Part of the issue will be used towards buying property in London Street, Lyttelton, for $40,000, and erecting a two-storey supermarket and departmental store there.

The balance of the issue will be used to outfit and equip the new supermarket in Northlands and in paying off short term loans from the parent company. Underwriter The issue, which is unconditionally guaranteed as to payment of interest by the parent company, is being underwritten by Byrne and Company, a member of the Christchurch Stock Exchange. Already applications have been received for 55 per cent of the issue. The trustee is the Trustees Executors and Agency Company. Ltd, and the trust deed

authorises the issue of debentures up to $400,000. Net asset backing of each $1 in debenture stock will be $2.47. This issue is the first in a series w'hich will be followed by further capital expansion in the near future. Profitable Future Directors envisage a very profitable future for the company. After finishing the Lyttelton project, the company

will purchase and develop other shopping centres in the South Island. They believe that the company has great potential and a definite future for profitable development and progress.