Page 7 Advertisements Column 2

Southland Times, Issue 18973, 21 June 1923, Page 7

Issue of £1,000,000 —10% First Mortgage Debenture Stock (Free of Income Tax, as hereinafter provided). APPLICATIONS WILL CLOSE ON OR BEFORE 9th JULY, 1923. ABRIDGED PROSPECTUS of New Zealand Breweries L imited SHARE CAPITAL: 500,000 Ordinary Shares of £1 each - - £500,000 LOAN CAPITAL: £1,000,000 10/ First Mortgage Debenture Stock £1,000,000 £1,500,000 TRUSTEE FOR DEBENTURE STOCKHOLDERS.—The New Zealand Insurance Company Limited, Queen Street. Auckland. DIRECTORS.—CharIes Speight, Brewer, Dunedin; Robert William Mason Greenslade, Brewer, Dunedin; Hon. Charles Louisson, M.L.CL Brewer, Christchurch; Alexander Storrie Duncan, Company Secretary, Christchurch; Patrick Francis McEvedy,> Medical Practitioner, Wellington; Thomas Madden, Company Secretary, Wellington; Alfred Seymour Bankart, Merchant, Auckland; Eliot Rypinski Davis, Brewer, Auckland. i tc iu di 1 BANKERS. —Auckland: The National Bank of Nc Zealand Limited. Wellington: The Bank of New Zealand. Christchurch: The Union Bank of Australia Limited. Dunedin: i Bank of New Zealand. Gisborne: The Bank of Australasia. SOLICITORS—NichoIson, Gribbin, Rogerson & Nicholson, Auckland; Russell, Campbell & McVeagh, Auckland; Lane & Neave, Christchurch* Chapman, Skerrett, Tripp & Blair, Wellington; Lang & Paterson, Dunedin. AUDITORS. —Watkins, Hull, Hunt & Wheeler, Accountants’ Chambers, Johnston Street, Wellington. INTERIM SECRETARY.—PhiIip C. D. Luckie, Accountants’ Chambers, Johnston Street, Wellington. inv f . >« . rx Brewing Stocks (estimated at) 20,533 those who have been for many years and still are in direct lu/o First Mortgage ueoenture DtocK. Goodwill .... .... 57,500 control of the various businesses which are now the hubApplications are invited tor the above mentioned GISBORNE BREWERY. ject of sale. £1,000,000—10 per centum (free of income tax, while D J. Barry Limited. Share* Canital and so long as the holder for the time being of such Freehold Properties and Buildings valued „ T F stock shall be resident in New Zealand) First Mortgage ■ a t £17,147 .... .... .... .... 15,307 The Company is not offering any Share Capital to the Debenture Stock at par, payable as follows: — Machinery and Plant valued at £13,723 12,251 public as the whole of the Share Capital will be allotted 50% on Application. Brewing Stocks (estimated at) 13,392 as P aid up to the Vendors. The Vendors however, , 50% on Allotment. Goodwill .... 15,832 realise at}d anticipate that applicants for Debenture Stock Applications must be made in multiples of £lO, but the AUCKLAND BREWERIES may wish to acquire, in addition to stock, shares in the stock will be registered and transferable in multiples of T; l ion Bre /e i y Limited Company. To meet any such desire the Vendors are pre£l. This will afford the smallest investor an opportunity 1,10 * ‘ " hold Properties and Buildings valued pared t 0 glve /. each appllcaat for , Debenture Stock the of participating in the Issue. Failure to pay any instal- at n A 052 Bulldln 8 s valued llp 7<g privilege of purchasing from them at par one fully paid-up ment when due will render the amount previously paid Machinery and Plant valued at £65,569 lppHcants T^DUrature^Stoc”whTdesk? to exercise liable to forfeiture. The list of applications will be Brewing Stocks (estimated at! 22 318 Applicants tor Debenture stock who aesire to exercise closed on or before the 9th day of July, 1923. foXni (estimated at) 22,313 tlus prlvllege must make separate application prior to the „ 10 , .y 1 r :~, 9th day of July, 1923, for the shares they desire to purchase Secured by Trust Deed. Hancock & Co. (New Zealand) Limited. • at par and accompany such application with the amount This issue of ten per c’nt. First Mortgage Debenture £121T 5 5 SS 108 178 o£ the DUrchaSe m ° ney thCTef ° r - Stock is limited to £1.000,000 and is secured by a Trust Machinery and Plant valued at £50,318 4/921 Other Breweries. Deed in favour of The New Zealand Insurance Company Brewing Stocks (estimated at) 22,318 It is anticipated that owners of other Brewing, Bottling Limited (as Trustee for the Debenture Stockholders) Goodwill .... 46,560 and Malting businesses In New Zealand may hereafter constituting a first specific charge on the treehold and . desire to sell the same to the Company. If any of such leasehold praperties of the Company and the movable £1,500,000 businesses are sufficiently profitable to warrant their machinery and Piaiit comprised in the valuations herein- acquisition by the Company the Directors may decide to after mentioned and a first bloating Charge on all its , The sajd purchase consideration of £1,500,000 will purchase the same upon reasonable terms, assets and undertakings The Company is to be at be dor P satisfled in raanner foUowing: _As to iberty to issue further stock for the purpose of acquir- £1 , 0 00,000, being the price agreed to be paid in respect . ® ‘ . mg further brewery, bottling and malting properties, ~, Br v p rol , e Vties Machinery and Plant and The number of shares fixed by the Articles of Assoctoplant and stocks in New Zealand, such stock to have Brewing and Bottling Stocks, in cashf As to £500,000, tion as the qualification of a Director is 5,000. The priority so far as any charge over such future acquired the amoun( _ a fecd t 0 be jd to tb Vendors f or provision In the Articles as to the remuneration of Direobrewery properties and premises (but not, otherwise) the dwiu of/their respective businesses, by the issue tors is that each Director shall be paid £5OO per annum over the issue of stock herein referred to. tp the respectlve vendors of 500,000 Shares of £1 each and such further remuneration (if any) as the Company Interest Payable Quarterly. as fully paid up. The minimum subscription upon which shall in general meeting from time to time detenmne. pi Tntoroet will ho navahlc ouirtprlv free of exchanep at anv tlle Directors will proceed to allotment is fixed at 30,000 addition to such remuneration each Director is entitled to Interest will be payable quarterly tree or exchange at any sharps But sharps are to bp issnpri nnlv as fnllv naid un be paid by the Company all travelling, hotel and other exbranch of the Bank of New Zealand in the Dominion on snares. But snares are to be issued only as fully paid up «v* incurred bv them in and about the business of the nf nnfnhor Tannorv Anrii and iniv in each shares as the purchase consideration to Vendors. The penses incurred ny mem in anu auom. uw umma.v. the first days of October January, APIn anfl. July in ea.cn nroceeds of the nresent issue of 10ck First Morteaae Deben- Company, including their expenses of travelling to and year. The first .payment will be made on the first day proceeds oi ine present issue or iu ,/ 0 rirst Mortgage uenen v Comnlittee Meetings „p noinnin+nd frm, the dotn nf th» final ture Stock will be available for payment for the brewery trom Board or committee meetings. d f th d 1 fth fl 1 properties, buildings, machinery, plant, and brewing and None of the Directors is interested in the promotion of payment due on allotment. bottling stocks acouirprl bv the Comnanv the Company except as shareholders in the following Payment of Interest upon the Debenture Stock for bottling stocks acquired by the company. Vendor Companies: three years from the first day of July, 1923, will be Reasons for Sale. Charles Speight—i,o2o shares in James Speight & Co„ guaranteed by The New Zealand Insurance Company q, be presen t owners have decided to afford the public Limited, and 3,200 shares in W. Strachan & Co., Limited. Lmuted, with whom will be deposited by the t endors an oppor tunity of becoming financially interested upon Robert William Mason Greenslade —550 shares in James , approved securities for £..45,000 in support of the guar- j a ; r and reasonable terms in the important and successful Speight & Co., Limited, and 150 shares to W. Strachan & antae - . ~ .. brewing industry as carried on in New Zealand. The Co., Limited. The Company reserves the right on the expiration Vendors have been induced to dispose of their old-estab- Alexander Storrie Duncan —1,000 shares in Ward and of ten years or twenty years from the date of the issue lished and remunerative businesses in the manner herein Company, Limited. of such debenture stock to pay off and redeem such indicated so as to bring into effect certain reforms which Hon. Charles Louisson, M.L.C.—2,000 shares in The stock with interest to date of such redemption. The they are led to Delieve are desired by the public. One of Crown Brewery Company Limited. Company also reserves the right at any time to purchase these reforms it is suggested is that of abolishing what Thomas Madden—6l9 shares in J. Staples and Coinstock in the open market. No stock so purchased is to h as hitherto been contended as being “a restricted mono- pany Limited. ’ be re-issued. The Debenture Stock will also be redeemable poly.” Without an amalgamation of the chief interests it Patrick Francis McEvedy—3,3so share? in X Staples by the Company when the same Shall be enforceable as js impracticable to give effect to the desire of the public. and Company Limited. provided by the said Deed of Trust. The merger now proposed will enable the public not only Alfred Seymour Bankart—6,2so shares in The Campbell in kp Arnnirerl to become financially interested in the industry in which and Ehrenfried Company Limited, which holds 50,000 rrop r h . tliey are go concerned, but also to obtain the shares in The Lion Brewery Limited. The Company has been formed to acquire from the particular beverage which they may desire. Eliot Rypinski Davis—l9,9oo ordinary shares and 500 undermentioned Vendors the well-known businesses of Another reform that it is confidently expected will be preference shares in Hancock & Co. (New Zealand) Limited. Brewers, Bottlers and Maltsters carried on m New Zealand brought about will be in the direction of limiting The full share qualification as Directors will be provided for many years past so successfully by the following firms, t h e goodwills paid in respect of hotel properties to for Thomas Madden and Patrick Francis McEvedy by J. and their respective brewery properties, buildings, reasonable amounts. Hitherto, with the various brewery Staples and Company Limited, and for Alexander Storrie machinery, plant, and stocks, the amount to be paid each firms in active competition for avenues for the disposition Duncan by one or more of the said Vendors of the Christ* firm and details b e l n S, indicated:—- their outputs, goodwills have been for hotels far church breweries. DUNEDIN BREWERIES. j j n excess o f their intrinsic values, a position which, from The Company will pay to recognised Brokers and Janies Speight & Co., Limited. a p U fc>li C point of view, was not beneficial. With this associated Banks allotment brokerage at the rate of one Freehold and Leasehold Properties and competition removed, excessive goodwills ought to be per cent, in respect of allotments made on applications Buildings valued at -.85,000 "" 75,883 abolished; licensees should be in a position to conduct for Debenture Stock. Machinery and Plant valued at £76,226 their businesses upon more reliable lines; and the necessity The preliminary expenses of and Incidental to the Brewing Stocks (estimated at) .... .... 01,246 of “tie-ing” public-houses as understood by the public formation of the Company and this issue are estimated Goodwill .... .... .... .... - 194,000 should disappear. at £15,000 and will be paid by the Company. The Directors W. Strachan & Co., Limited. are each of them interested as holders of shares in Vendor Freehold Propertiesand Buildings valued . iro is. Companies as shown by the Prospectus. Some of the at £17,075 15,244 The brewery businesses to be acquired have hitherto vendors mn” not at present have power under their conMachinery and Plant valued at £9,339 .... 8,337 provided the major portion of Hie total output of beer st itutions I . -complete the sale. If any of the Vendors Brewing Stocks (estimated at) 6,695 manufactured in New Zealand. The Vendors are satisfied the isite powe rs, they have agreed with all Goodwill 8,000 that they are selling to the new Company successful and reasonable speed to take the steps necessary to confirm McGavin & Co., Limited. profit-earning businesses, hence their acceptance of the the sale Jn the event o f any Vendor being unable to Freehold Properties and Buildings valued whole of the amount payable m respect of the goodwill of complete its sale the issue of Debenture Stock and Share® at £21,900 17,760 their businesses in the Shares of the Company over which represented by the assets transferable by such Vendor will Machinery and Plant valued at £7,983 7,127 the Debenture Stockholders rank m priority both as be suspended.Brewing Stocks (estimated at) 5... .... 9,374 regards payment of interest and repayment of capital. The following material contracts or copies thereof may Goodwill - SiUOQ Security Certified to by Reputable Valuers. inspected at the Offices of Messrs. Watkins Hull Hunt CHRISTCHURCH BREWERIES. J j & Wheeler, Accountants Chambers, Johnston Street, WelThe Crown Brewery Company Limited. T he brewery properties and buildings owned by the lington, between the hours of 11 a.m. and 4 p.m. on any Freehold Properties and Buildings valued Vendors and being sold by them to the new-Company have working day while the list remains open:— at £52,326 46,386 b e«n valued as to the lands by valuers of repute in the (1) Agreement dated-the 11th day of June, 1923, made Machinery and Plant valued at £13,083 11,680 ®‘ tiea la wluc! ' they are respectively situated, and as to James Speight & Co ._ Limited, W. Strachan & Co.. Brewing Stocks (estimated at) 22,319 the buildings by reputable architects or builders. Copies Limited, McGavin & Co., Limited, The Crown Brewery Goodwill .... 30,395 of the valuations are shown in the Prospectus. The xalua- Company,Limited, Ward and Company, Limited, S.Manning Ward and Company Limited. tlons °. f brewery machinery and plant have been reyised, and Company Limited, J. Staples and Company Limited, Freehold Properties and Buildings valued h/ihf Snriaht (Dun D. J. Barry, Limited, The Lion Brewery, Limited, and at £39,600 -■ 35,353 by the Vendors cons sting of Messrs. Charles Spe ght (Dun- Hancock & Co . (New Zealand) Limited, with Alfred Machinery and Plant valued at £11,251 10,044 leymour Bankart. Frederick Seymour Bankart of Auckland, Merchant (as Trustee for Brewing Stocks (estimated at) 22,319 ou . r the new Company). Goodwill 23.882 unitorn ’ and conservarive vetoes to? niac’itoerv mid plant < 2 ’ Agreement dated the 12th day of June, 1923, made S. Manning and Company Limited. employed and in use in brewing businesses ' The total between the above named Vendors and The New Zealand Freehold Properties and Buildings valued a mnmd of assets sunnnrtina the Debenture Stock Issue Insurance Company Limited, containing an agreement by at £31,437 28,065 a ™ ( ’ ° f 6 c A”hereas the Vendors are selling to? ■«<=’• last-named Company to guarantee the payment durMachlnery and Plant valued at £12,114 10,815 000 £l - 103 . 663 . whereas th g ing a period of three years of the interest payable to holders Brewing Stocks (estimated at) 22,319 n.vvv.vvu « f the Debenture Stock during such period, and an agreeGoodwiil .... .... .... 21,711 bound management Assured. ment on the part of such Vendors to deposit securities with WELLINGTON BREWERY. It is proposed to continue the resp - ,s ve Brewing bus’- the Guarantor covering the aggregate amount of the three J. Staples and Company Limited. nesses without break or interruption i the lines whic’> years’ interest so guaranteed. Freehold Properties and Buildings valued have proved so successful in the past. i order to provid’’ (3) Copy of a draft Deed of Trust to be executed by at £114,332 .... .... .... —• 98,2b2 for continuous expert management, the gentlemen who The New Zealand Insurance Company Limited, declaring Machinery and Plant valued at £27,200 24,282 have been appointed first Directors have been chosen from trusts in favour of Debenture Holders. PROMPT APPLICATION NECESSARY. As the Directors anticipate that this issue of First Vendor Companies, or at the Office of the Interim Secretary, of a.ny application money will be applied tewaris the InMortgage Debenture Stock will be quickly taken up, those Accountants’ Chambers, 39 Johnston Street, Wellington, stalment payable on allotment in respect of such stock who desire to participate are advised to make early appli- from all of which copies of the Prospectus and all infonaa- and any further balance will be returned. cation. Applications may be lodged with any member of tion may be obtained. The list of applications will close on or before Mona Stock Exchange affiliated to the Stock Exchange Associa- If no allotment is made the application money will day, the Sth day of July, 1923. tion of New Zealand, at any branch of the associated Banks be returned in full, but where the amount of the stock This Prospectus has been filed with the Registrar of operating in the Dominion, and at the Offices of any of the allotted is less than the amount applied for the balance Companies. Dated the 18th day of June, 1923.