Page 7 Advertisements Column 3

Otago Daily Times, Issue 20389, 21 April 1928, Page 7

nr Price 4jS at all Chemists and HAY FEVER eggs . i ASK YOUR CHEMIST FOR IT _ .<>* N.Z. Distributors: Satmond & Spraggon Ltd., P.O. Box 662, Wellington.

[ABRIDGED PROSPECTUS.] Dated the 16th day of April, 1928. A Copy of this Prospectus has been duly filed with the Registrar of Companies at Christchurch. The REGENTTHEATRE BUILDINGS [CHRISTCHURCH] LTD. (A Company to be incorporated under “The Companies Act,” 1908.) NOMINAL CAPITAL - - £50,000 Divided into 50,000 Ordinary Shares of £1 each. In Association with Christchurch Cinemas AND Fuller-Hayward Theatres Having a total Paid-up Capital exceeding £250,000 and controlling nearly fifty theatres throughout New Zealand. OFFERS FOR SALE £50,000 in 8% Mortgage Debenture Stock (GUARANTEED IN RESPECT OF BOTH PRINCIPAL- AND INTEREST, AS HEREINAFTER APPEARING). AND ALSO 40,000 ORDINARY SHARES Carrying an assured minimum dividend of 8 per cent., which will increase with the profits of the Company. Trustees for the Debenture Holders: THE GUARDIAN TRUST AND EXECUTORS COMPANY OF NEW ZEALAND, LIMITED. Directors: DANIEL SPENCE, of Christchurch, Retired, of Christchurch Cinemas, Director of Waters and Spence Limited. EDWARD JOSEPH RIGIITON, of Wellington, Retired, late Managing Director of the New Zealand Picture Supplies, Ltd. . HENRY HAYWARD, of Auckland, Theatre Proprietor, Chairman of Directors of New Zealand Pieture Supplies Limited, and Chairman of Hayward’s Pictures Ltd. HARRY WATERS, of Christchurch, General Manager of Christchurch Cinemas. HECTOR YARDLEY CAMERON, of Aticklancl, Public Accountant and Director of Puller 3 Pictures Limited. 1 Bankers: THE BANK OP NEW ZEALAND. Solicitor: C. S. THOMAS, 168 Hereford Street, Christchurch. . Auditors: STEWART, BECKETT & CO, 152 Hereford St. Ch. Ch. Interim Secretary: W. GEO. BRASS, 12 Chancery Lane, Ch. Ch. Brokers: G. STEWART CRAIG, LTD, 161 Hereford Street, Ch. Ch. Architect: J. S. GUTHRIE, A.N.Z.I.A, 178 Manchester St, Ch. Ch. No debenture stock or shares in the Company have been or will be issued otherwise than for cash. The debenture stock is covered nearly twice over in net assets, and the interest is covered more than twice by the net income of the Company. TEE OBJECTS OF THE COMPANY. The leading theatrical interests which arc represented herein have >-n nwnvo of the necessity for a modern and first-class picture theatre in oiJer To that City on a par with others in New Zealand :arS W?th'",’uU“to for «.o incorporation of With tills in A f hosll pronertv known as rEoyai m Exchang°e Buildings situated in Cathedral Square, and having ground area of half an fully equipped for the presentation of :h pictures and vaudeville acts, and‘to be called the Eegent Theatre, wu! Pi-rvUed on mrt of the property. Its dimensions will be 140 feet by -83 feet, I its seating capacitv will be approximately 1750. The cost ot the theatre 1 be approximately £55,000, and its equipment will cost a further £IO,OOO. rtaiu improvements will also be effected to the other portion of the .mists, which, on completion, will have a total value of approximat-ly 160,000. It will thus be one of the most valuable properties in Christchurch. VALUATIONS OF THE PROPERTY. The certificate of the Jones Me Croatia Co, Ltd, values the land itself «t £45 800 while that of Mr J. S. Guthrie, A.N.Z.I.A, values the present buildings at £42,500 and certifies that his estimate of the cost of demolishing the portion required for the new theatre is £IOOO. ■ , . . It will be seen that the price of £83,000 at whicn the property is acred is £5.300 less than the valuations quoted. TERMS OF THE, DEBENTURE ISSUE. 1EIOD: 15 years from the Ist day of May, 1928. TEREST- Payable half-yearly without any deduction on the ,oth day of June mul the 31st day of December, in each year at the rate of eight pounds, per centum per annum, subject to ordinary income tax (if any). CXJRITY: Registered Mortgage and Trust Deed over the whole of the freehold property and all other assets of the Company, executed by it in favour of The Guardian Trust and Executors Company of New Zealand Limited, as trustees for the debenture-holders subject only to a first mortgage in favour of the Bank of New Zealand securing £65 000 at 6 per cent, per annum for a period of 36 years, such mortgage frovSf for P an annual sinking fund at the rate of 1 per cent, per annum which will extinguish the said mortgage upon maturity The Deed also provides that no other security except as herein stated shall be given over tho Company’s property in priority to or ranking equally with the present issue. (SETS: On completion of the rebuilding, the whole of the Company’s assets will bo worth afliroximately £160,000. After allowing-for the first mortgage, this leaves a net surplus of £9„,000 or nearly twice the amount of the debenture issue. The operation of the sinking fund mentioned *bove will increase this margin by a substantial amount every year. , LESSEES. The present Company will derive its whole income from the rentals of its premises. The existing rentals of the buildings (exclusive of those earned by any portion which will bo demolished to make way for the new theatre) amount to £5,480 per annum, and these will form part of the income of the new Company. They arc obtained from tho existing shops and offices, which have been occupied by tenants for a long period of years, and vhich will remain intact. Tho rental capacity of the buildings will also be incieased by certain improvements to the promises, other than the erection of the theatre. The lessees of the Regent Theatre will be Edward Joseph Righton, New Zealand Picture Supplies Ltd, and V/aters and Spenco Ltd. They have agreed (see item under “Contracts’’) to take a joint lease of the theatre from its completion for a period of 20 years, at, the rental of £125 per week, 86500 per annum, plus rates, taxes, and insurance. The” are elsewhere in this prospectus referred to as “The Lessees."