N.Z.L. AND M.A. CO.

Oamaru Mail, Volume XXII, Issue 6909, 7 June 1897, Page 4

N.Z.L. AND M.A. CO.

[By Electric Telegraph.—Copyright.]

(PER UNITED PRESS ASSOCIATION. J

Received June 0, at 5.30 p.mLondon, June 5. Tho committee of tho A and B debenture holdortt in tho New Zealand Loan and Mercantile Agency Company havo recommended a scheme for tho readjustment of tho capital account. The directors are of opinion that tho schemo removes all possibility of a call, and puts the Company in a thoroughly sound position, both as regards interest and assets. A meoting to consider tho achenio will bo hold on the 16th Juno. Uccoivod June G, at 5.G0 p.m. London, Juno 5. Tho Now Zoaland Loan and Mercantilo Agoncy Company's readjustment is on the following lines :—Prior lion debentures to romain untouched ; A debentures to roceivo 70 per cont. of the present stock in new 4 per cont. debentures, on. 40 per cont. of which interest is a lixod charge ; 10,000 preference LI shares to bo issued to tho trustees, who will issuo against thoMo a million certificates, of which o0 per cont. each are to go to tho A and B debenture hohlors, ono certificate to every ordinary fully paid-up sharo and for every two preference shares. Tho schemo reduces the fixed yearly interest on debentures from LM5.000 to L 104.000, cancels 2b millions worth of debentures and shares to provide deficiencies and readjust the capital account Hereafter tho capital amounts to L.'v>ll,;>2o, the paid sharo capital being written down to L 138,375. The uncalled capital remains liablo to a call, but tho directors aro of opinion that tho schemo will romovo all possibility of a call.