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LOAN AND MERCANTILE.

THE RECONSTRUCTION SCHEME. j In view of the necessarily brief and vague cablegram published by us. on Saturday in reference to the reconsferaction scheme of the Loan and Mercantile Agency, one jof our representatives made; inquiries lat the head offices of the company. ;_' The Schema is not, he learned, in its entirety, in the colony, but sufficient is known of it that the following may be taken'' as .^correct;V~The winding-up of the old company will first be undertaken, and the shareholders twill > receive notice of their liability of the £22 10s linpaid'up per share.. "They will, at the same time, however,, have the choice given * them— instead' of ,'. paying ; this ; £22 lOe-rbf taking up shares. in ; the new company.-a fortnight , being < given- ■'them in which to make up their minds; It is Of course neoessary that a limit ' should be imposed, otherwise there would be no finality. To such, as s* elect, toftake, up Shares in the new 'obinpahy^andrit ''isex* peoted all will— will be able to do So as follows 5 Two £10 shares and one £3 lOi preference share for each share in the old company. To assbt shareholders in meeting this demand' £1 brt each new ordinary share (as distinct; from the J preference share) only will rank as; ordinary calls, and for the remaining £3*los a preference share will be issued. This pre* ference share having a first claim on the net profits available for dividend. These latter shares, being fully paid up, it is expected would be immediately negotiable at par. With regard to the capital paid up in the old company) amounting to £2 103 a share, the scheme will provide for writing off £1 103 of this, and orediting holders with 10s paid up on each ordinary share, thus accounting tor the remaining £1 on the existing ordinary shares. Thus, the ordinary shares, in the new company, after allowing for the call of £1, would have £1 10s paid on each £10 share. With the preference share of £3 10s fully paid up added to it, the total bald-up capital Of the new company would be £1,380,000.

[Br? TKLKGIUrH. —tKKSS ASSOCIATION. ]

Wellington, Saturday. , There are 350 Loan and Mercantile shareholders in New Zealand, holding 52,422 shares, whiohat £5 10s each will represent £288,321 to be paid in 18 months. \ There are only 5796 shares held in Australia.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/NZH18940108.2.30

Bibliographic details

New Zealand Herald, Volume XXXI, Issue 9402, 8 January 1894, Page 5

Word Count
397

LOAN AND MERCANTILE. New Zealand Herald, Volume XXXI, Issue 9402, 8 January 1894, Page 5

LOAN AND MERCANTILE. New Zealand Herald, Volume XXXI, Issue 9402, 8 January 1894, Page 5