EDMENTS NEW ISSUE.

Evening Post, Volume CXXVIII, Issue 29, 3 August 1939, Page 12

EDMENTS NEW ISSUE.

The new preference issue of Edments Ltd., chain store company, Melbourne, would probably be on the basis of one for one at par, involving 52,500 shares at 6£ per cent., said the acting chairman (Mr. J. T. Vinton Smith) at a special meeting of shareholders. The meeting was held for the purpose of amending the articles of association to permit of the new preference issue. Alluding to the recent purchase of the Bourke Street property and the need for raising additional capital, the chairman said the board had been actuated by the desire of being able to secure its own premises rather than probably being faced with a substantial increase in rental. The property had been purchased for £103,000, equal to £3600 a foot. The rent for the premises was £5500 per annum, plus taxes. The purchase was considered to be a good one, a reserve price of £120,000 having been fixed when the property had been auctioned last year. One third* of the purchase money would be paid by September 1, and the balance over a period of years at ih per cent, interest. The directors considered that as Bourke Street was the heart of the company's business they were justified in paying the price. '