Convertible Note Issue By Gear
The Gear Meat Company, Ltd, will make a convertible note issue to shareholders in the ratio of two for five, the directors announced yesterday.
The amount involved is 8584,000, on the present capital of $1,360,00 plus 50,000 100 c shares still to be allotted to the vendors of J. A. Betts, Ltd, meat wholesalers and retailers. The notes, which are issued at par, will convert on October 2, 1975. They bear interest at 7 per cent per annum, payable half-yearly.
The first payment will be made on April 1, next year, and the last payment on October 1, 1975. On conversion of the notes the new shares will be entitled to the full dividend for the year 1976. Shareholders will be asked to approve the issue at an extraordinary general meeting to be called shortly. They will also be asked to approve the offer of $50,0(10 of notes to certain employees and farmer clients of the firm, [at the discretion of the direc- j tors, and that further notes! may be disposed of by the; directors in the best interest ■ of the company.
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Bibliographic details
Press, Volume CIX, Issue 32303, 22 May 1970, Page 17
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188Convertible Note Issue By Gear Press, Volume CIX, Issue 32303, 22 May 1970, Page 17
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