Wiljef seeks $2M in debentures

Press, 3 November 1981, Page 18

Wiljef seeks $2M in debentures

Williamson Jeffery. Ltd, the Christchurch-based stationery group, is ' to seek about $2 million by way of a private debenture issue, the chairman. Mr D. E. Smythe, told the annual meeting yesterday. The prospect of a cash issue, debenture issue, or the combination of these two financial sources, had been raised in the latest annual report, and Mr Smythe said that the directors had resolved yesterday morning to proceed with the private

placement of a debenture issue, subject to market con-, ditions. , . .... .. These funds would lessen the company’s dependence on short-term debt and strengthen its financial base, he said. “With regard to the reference to a likely cash issue, this will be studied early in 1982, and shareholders will be advised on the directors’ decision on this matter at the appropriate time.” . Trading in the first three months to September 30 had

been . satisfactory. Some areas were trailing .expectations. but most, of these were expected to improve as the year progressed. So far margins were in line with budgets, and expenses were being controlled. It was too early in the financial year, with its political and economic uncertainties, to make accurate predictions, but it was suffice to remind shareholders that a positive sales budget had been adopted by the board, Mr Smythe said.