MARAC GAINS FROM PACIFIC TAKE-OVER
(N.Z. Preus Association) AUCKLAND, Sept. 2. After the take-over of Pacific Factors, Ltd, outstandings of Manufacturers and Retailers’ Acceptance Company, Ltd, the Auckland financier, jumped from $3,427,147 at the end of March to $8,128,112 at the end of June. This is shown in the prospectus for the issue of $500,000 unsecured notes, with right to accept over-
subscriptions of another $500,000. Consideration in the take-over was an undisclosed sum in cash, plus $325,000 Marac capital. As a result, shareholders' funds were $370,736 up at $1,380,604 at June 30. Of the outstandings at June 30, factoring accounted for 25.5 per cent The other main activities were consumer finance, 12.7 per cent; industrial and commercial finance, 14.4 per cent; and leasing of business vehicles and plant, 47.4 per cent of total outstandings. The funds to be raised will be used for the redemption or replacement of previous borrowing. Take-over Bid For Urlwin Urlwin Industries, Ltd, the Christchurch electrical group, has received a takeover bid for the company. The directors plan to meet on Thursday or Friday to consider the bid. The ordinary capital of Urlwin is $431,250.
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Press, Volume CVIII, Issue 31774, 3 September 1968, Page 18
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190MARAC GAINS FROM PACIFIC TAKE-OVER Press, Volume CVIII, Issue 31774, 3 September 1968, Page 18
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