MATAKI GOLD

Dominion, Volume 27, Issue 258, 28 July 1934, Page 15

MATAKI GOLD

Mortgage Debenture CONVERSION PROPOSAL Dominion Special Service Auckland, July 26. A proposal for the redemption of a £3OOO mortgage debenture by conversion into shares is being submitted to the debenture-holders and shareholders of Mataki Gold Dredging, Limited. The debenture, carrying Interest at 6 Tier cent.' per annum, ulus bonus interest amounting to one-hnlf of siich profits as are in the opinion of the directors available for dividend purposes, was issued last year to complete the construction of a dredge which is at present onerating on the company’s claim at Murchison.

The debenture directors propose that the debenture-holders should be given the opportunity to convert voluntarily their holdings under the following conditions:—

The capita) of the company to be Increased to £35.000 by the issue of 50.000 new shares of 2/- each. Of the 50.000 shares thus created 30.000 will be Issued as fully-paid to debenture-hold-ers in the proportion of 10 shares to each £1 of debenture held ; 9000 will be issued , as fully paid to debenture-hold-ers as a bonus on conversion in the pronortioft of three shares, to each £1 of debenture held, and 11.000 will be held by the company for disposal when In the opinion of the directors this is desirable.

A meeting of debenture-holders is to be held in Auckland shortly at which the proposal will be submitted to secure their approval, after which an extraordinary meeting of shareholders is necessary to authorise the increase in capital.