Farrier seeks $300,000
Farrier Waimak. Ltd. is seeking $300,000 in a debenture issue. “If the rate of growth, continues, and indications, are that it will, additional funds will be necessary and! this is particularly so under the abnormal inflationary conditions prevailing,” the: chairman (Mr C. W. Evans)’ says. The company is offering; interest rates of 10J per cent I on three-year stock, ll 1 , percent for four-year. and 111; per cent for five years. No right is reserved to: accept oversubscriptions. “The proceeds of the issue will be used to strengthen the financial structure of the company by repaying shorter term borrowing amounting to $lBO,OOO, and by providing funds for additional working capital, plant additions, and’ replacements,” says Mr Evans. The asset-cover is $350 for every $lOO of debenture stock, and the annual interest payment is covered 3.6 times jy profits before interest and tax.
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Bibliographic details
Press, Volume CXV, Issue 33965, 4 October 1975, Page 19
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145Farrier seeks $300,000 Press, Volume CXV, Issue 33965, 4 October 1975, Page 19
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