G.U.S. Prop. Seeks Another $120,000

Press, Volume CVIII, Issue 31769, 28 August 1968, Page 20

G.U.S. Prop. Seeks Another $120,000

G.U.S. Properties, Ltd, the Christchurch-based subsidiary of Grocers United Stores, Ltd (1.G.A.), is seeking another $120,000 in debentures for expansion in the South Island.

The interest rates for the issue are per cent for five years and 8 per cent for 10 years. The issue opens on September 9.

Already advance applications number more than $50,000. The company’s trust deed allows it to borrow debenture stock up to $400,000 and this issue, if fully subscribed, will bring the debenture borrowings to $240,000. The net asset backing of the issue is at least 247 c for each 100 c of debenture.

The underwriters for the issue are Messrs Byrne and Company, members of the Christchurch Stock Exchange, and the trustee is the Trustees Executors and Agency Company of New Zealand, Ltd. The first issue of $120,000 was made about a year ago and was oversubscribed. G.U.S. Properties was

I formed in 1954 as a property owning company to finance the warehousing needs of the | parent company throughout the South Island. G.U.S. 1s the I.G.A. franchise holder for the South Island, except for South Otago and Southland.