NEW ZEALAND REFRIGERATING COMPANY.

Otago Witness, Issue 3413, 13 August 1919, Page 12

NEW ZEALAND REFRIGERATING COMPANY.

INCREASE OF NOMINAL CAPITAL. The New Zealand Refrigerating Com■nanv purposes to increase its nominal capital from £500,000 to £1,000,000, to a large extent by transferring £300,000 from the reserve fund, upon terms which make this sum a direct gift to shareholders. It is no secret that the operations of this company, largely through the sale of tallow, have been particularly successful this season, and in consequence its shares have been steadily rising. The diretcors have submitted the following scheme to shareholders : They recommend that > the nominal capital of the company be increased from £300.000 to £1,000,000 by the creation of 700,000 new shares of £1 each. It is proposed to issue 600,000 of these new shares at par to. such shareholders as are on the register on August 27, 1919. Each shareholder will be entitled to take up these new shares in the proportion of two shares to each share of his holding. Further, it is proposed to make a call of la each on the 600,000 new shares by a distribution of £300,000 as an appropriation from the reserve' fund, which would be applied in payment of the call. As to the uncalled 10s on the new shares, this will not be called up until the expiry of at least 12 months from the date of allotment. Should it be necessary or desir-

able at any time thereafter that a call should be made, then not more than 2s 6d per share can bo called at a .time, and the interval between calls shall not be less than three months. Holders of the new shares, if the scheme is adopted iby shareholders, will particd pate in the final dividend to be dccltfSSi for the year ending October 31, 1919. If these proposals are given effeot to the nominal capital will bo £1,000,000. Of this there will bo subscribed 900,000 shares of £1 each, which, less the amount uncalled—viz., £3oo,ooo—will bring the total ■hare* paid up to £600,000.