A. Ellis to raise capital
Arthur Ellis Holdings, Ltd, the Dunedin-based clothing manufacturer, plans a substantial increase in its capital. A shareholder meeting for August 14 will be asked to approve the issue of a further 350,000 shares to Northern Feather International, Ltd. This will increase Northern Feather’s holding in Arthur Ellis to 32.94 per cent, the directors say. The funds generated will be used in part to settle outstanding commitments to Northern Feather. The company proposes to raise a further $1 million through the issue of 10,000 redeemable cumulative preference shares of $1 each at a premium of $99 per share. The interest rate will be 10 per cent. The shares will be placed with financial institutions. The proceeds will be used to finance expansion of production capacity in New Zealand and Australia.
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Press, 26 July 1984, Page 26
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134A. Ellis to raise capital Press, 26 July 1984, Page 26
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