ELLINGTON GAS COMPANY

New Zealand Times, Volume XLVII, Issue 10955, 18 July 1921, Page 3

ELLINGTON GAS COMPANY

ISSUE OF 8 PER CENT. MORTGAGE DEBENTURES. An amionnoement is made to-day concerning the issue of .£350,000 of 8 per cent, mortgage debenture stock—j£2so,ooo of which is offered for public subscription—by the Wellington Gas Company, Ltd. The prospectus states that the ' debentures are in sums of j£so and multiples thereof. Interest will be paid at the rate of 8 per cent, per annum, payable half-yearly, free of exchange. The stock is repayable on October Ist, 1931. hut the company reserves the right to redeem the stock at any time ate October Ist, 1936, upon giving six nabntha* notice to the holders, bv paying par value and interest to date. Investors applying for these mortgage debenturesmay pay in full on application, or by instalments, as explained in the prospectus. The issue is secured By a mortgage debenture stock trust deed, in which the Guardian Trust and. Executors Co. oi N.Z. is appointed trustee for the stockholders. The assets over which the stockholders will have eecuritv. has s total value of upwards of £550,000. That is more than twice the value of the loan (£230,000) ndw offered for public eubeription. The purpose of the issne is to provide money for extension of plant and workshops at £he gasworks, and the extension of mams and services generally. Applications for the debentures will be \ received >t the company’s office. Courtenay place. Wellington, or by any branch of the Bank of New Zealand, or by any member of the Stock Exchange Association of New Zealand. The prospectus is now obtainable.