UNIT SUBS. SEEKS $500,000

Press, Volume CIX, Issue 31922, 25 February 1969, Page 20

UNIT SUBS. SEEKS $500,000

Unit Subdivisions, Ltd, the Auckland land developer, has announced an Issue of $500,000 registered debenture stock to develop its existing properties and to refinance mortgages. The issue, which is not underwritten, will be made at par, and the three interest rates offered are 7} per cent for five years, 7J per cent for seven years and 8 per cent for 10 years. According to the auditors

report in the prospectus to the issue, each $lOO of stock will be secured by tangible assets of $242. The company says its high earnings provide excellent protection for the regular payment of debenture interest. “Some of the finest marine land left on the Auckland foreshore is ready for development and the company’s immediate future should be assured,” says the chairman (Mr R. D. Cox) in a report with the prospectus.

“In the more distant future, the well-established beach programme and the company’s other land holdings, coupled with its capability, are a source of confidence.

Mr Cox said the present development in the Pigeon Mountain area were a foretaste of new patterns emerging towards balanced communities. A start on the Half Moon Bay Marina on the Tamaki Estuary was expected soon. The organising broker for the present issue is Buttle, Wilson, Rutherford and Company, and the trustee for debenture holders will be New Zealand Insurance Company, Ltd. The issue opens on March 10 and closes six months later unless previously subscribed.