M. O’Brien Delays Start To Factory
M. O’Brien and Company, Ltd, the Christchurch footwear manufacturer, is delaying the start of its new $490,000 factory at Shirley, the chairman (Mr M. F. O’Brien) says in a letter to shareholders.
Because of the further deterioration in the New Zealand equity market in October and November and the number of company fixed interest issues recently, the directors have decided not to proceed with the planned note issue of at least $lBO,OOO at the present time.
Part of the capital required for the new factory was to come from this note issue. Other Possibilities
Directors are exploring the possibilities of other means of raising the balance of the finance required, says Mr O’Brien.
Until satisfactory arrangements can be completed the start of construction of the factory will be delayed. Shareholders will' be asked at a special meeting on December 18 to approve the issue of, 53,212 50c shares, with a par value o.f $26,606, for a bonus issue, ex bonus on December 12.
Dr N. Godfrey has resigned from the board and Mr C. C. Holland, a public accountant, has joined the board as a director. Mr Holland is chairman of Carbonic Ice Ltd and a director of Beath and Company Ltd,
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Bibliographic details
Press, Volume CVII, Issue 31542, 2 December 1967, Page 18
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208M. O’Brien Delays Start To Factory Press, Volume CVII, Issue 31542, 2 December 1967, Page 18
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