Kearns says Pru debts secured
Kearns Corporation’s debts to the Prudential Building and Investment Society of Canterbury were secured, said a Kearns director, Mr J. L. Anderson, yesterday.
He told the Stock Exchange that any advances made by Prudential to Kearns were fully secured by documented securities over specific assets of Kearns or subsidiaries.
There had been a suggestion that some advances from Prudential
could be guaranteed by Kearns.
“There do not appear to be any Kearns records of such a guarantee other than a minimal last resort guarantee. Legal opinion is required to assist the directors in ascertaining Kearns contingent exposure, if any, and its possible effect on Kearns,” he said. Shareholders and the Stock Exchange would be kept fully advised as this information came to hand.
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Press, 1 March 1989, Page 38
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128Kearns says Pru debts secured Press, 1 March 1989, Page 38
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