AUSTRALIAN FACTORS

Press, Volume CVI, Issue 31084, 13 June 1966, Page 17

AUSTRALIAN FACTORS

Tax Losses To Be Sold I f.N.Z. Press Assn —Copyright) SYDNEY. June 9. ! Meetings yesterday of Australian Factors shareholders. : debenture-holders, unsecured ! note-holders and other unsecured creditors approved the I scheme of arrangement of the [provisional liquidator (Mr W J. Hamilton). The scheme as set out is I that the company sells its future tax losses to G. E. Crane Holdings for 16.67 cents in the dollar on losses which the company will ask the Commissioner of Taxation to allow, at a future date. Mr Hamilton said yesterday that he expects shareholders will receive something less than 4 cents a share under [the scheme whereas they would receive nothing if the company went into liquidation. He emphasised, however, that no payment would be made by G. E. Crane Holdings, under the scheme before losses were confirmed with the Commissioner of Taxation. Mr Hamilton estimates that the remainder available to shareholders and unsecured creditors under the scheme would be 372.302 dollars, subject to further administration costs.

Having received the approval yesterday of all parties concerned, the scheme will have to be returned to the Equity Court for approval, a hearing for which has been set down for June 20.