Wattie issue
Wattie Industries, Ltd. is offering debenture stockholders and shareholders of the company new debenture stock of S6M with provision
for oversubscriptions up to a further S4M. The company has opted for a minimum interest rate of 15.5 per cent per annum, for terms ranging from two to seven years, and longer. This minimum rate is subject to review on June 16 to remain in line with the best current rate then offered for leading industrial companies. The chairman of Wattie Industries (Mr D. F. McLeod) said that the company had debenture stock totalling $5,205,550 maturing this year, holders of which would have preferential rights in the new issue. He said Wattie Industries’ asset backing of $457.78 for each $lOO of debenture stockinterest cover at 4.05 times, land fully competitive interest rates made the issue very attractive to existing debenture and shareholders. Mr McLeod said that interest payments on a quarterly basis were being offered for the first time by the company for subscriptions of $lOOO and more.
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Bibliographic details
Press, 7 May 1980, Page 23
Word Count
169Wattie issue Press, 7 May 1980, Page 23
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