Challenge propectus revises forecast
Challenge Corporation, Ltd, has announced a private $9.5M debenture cash and conversion offer, and at the same time reports that its profit is not expected to be as great as was predicted in the interim report. The prior lien debenture stock will be offered to existing shareholders and debenture holders. The top rate is 12.25 per cent for five years, and other rates are 11.5 per cent for three years; 11.75
per cent for four years; and 12 per cent for seven years.. The directors of Challenge have reassessed the profit: forecast for the year to June 30. and now expect group net I profit to be not less than SI2M. This is in contrast to the interim report- which indicated that from the experience of the first six months to December 31, the final result was expected to exceed the previous year’s profit of $11,650.000 by 20 per cent.
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Press, 24 May 1977, Page 22
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154Challenge propectus revises forecast Press, 24 May 1977, Page 22
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