N.Z. REFRIGERATING, LTD.

Evening Post, Volume CXX, Issue 8, 9 July 1935, Page 12

N.Z. REFRIGERATING, LTD.

THE DEBENTURE ISSUE

Directors of the New Zealand Refrigerating Company, Ltd., have announced their intention to maintain the debenture issue at £150,000. Of the former issue, £60.000 " were redeemed on August 1, 1934, and the balance of £90,000, in first mortgage debentures issued by the company in 1925, falls due on August 1 next. ' In the circular the company states:—

"While the resources of the company are ample for its trading requirements at the low prices ruling at present for the products in which- it deals, the directors consider it prudent to maintain the debenture issues at £150,000 in view of the fact that these conditions may alter and have, therefore, decided to reissue 1500 debentures (£150,000) on August 1, 1935, bearing interest- at 4J per cent, per annum subject to tax. The debentures will have a currency of ten years subject to the right of the company to redeem part of the whole of the issue on or after August 1, 1940, upon giving three months' prior notice of its intention to do so, and upon payment of a premium of 2 per cent. The debentures will have, the same priorities as the existing debentures, and will be secured by trust deeds comprising specific first mortgages over the company's land, buildings, and fixed plant in New Zealand and a floating charge upon the general undertaking and assets of the company. Although the debentures form part of a seriis of 3000 (£300,000) it is intended to limit the issue to 1500 (£150,000) and no further debentures will be issued, the circular states, during the currency of these 1500 debentures ranking pari passu with them.