N.Z. Farm. Co-op to raise $1M
The New Zealand Farmers’ Co-operative Association of Canterbury, Ltd, plans to raise SIM, from a debenture issue.
The terms and rates to be offered are —2 years, 11 per cent; 3 years, 11| per cent; 5 years, 12 per cent; and 7 years, 12 per cent. Application is being made to the Stock Exchange Association of New Zealand for listing. The company has $345,137 of debenture stock maturing on July 31, 1977, and the purpose of the issue is to I
cover repayment of any part of this sum which is not reinvested, to provide additional funds for working capita! and to finance expansion.
The prospectus, which is expected to be filed on June 1, will show an asset-back-ing of $343 for every $lOO of stock, and interest-cover of 5.34 times. The issue is underwritten jointly by Broadbank Corporation, Ltd, and Hamilton Hindin Greene and Company.
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Press, 26 May 1977, Page 18
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152N.Z. Farm. Co-op to raise $1M Press, 26 May 1977, Page 18
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