Loan and Mercantile Company.

Feilding Star, Volume XV, Issue 216, 17 January 1894, Page 2

Loan and Mercantile Company.

DETAILS OF THE RECONSTRUC--1 TION SCHEME. PKESS ASSOCIATION. Melbourne, This Day. The reconstruction scheme of the New Zealand Loan and Mercantile Agency provides for a new company under the same title with a capital of .£3,900,000 iv 320,000 ordinary shares of ±10 each, and 200,000 5 per cent preference shares of £3 10s each. The liability of .£22 10s per share on the shares in the old company to be immediately called up, but holders to be relieved of this liability on taking for each old share two ordinary shares and oue preference share in the new company, paying Jfel for ordinary and £3 10s for preference shares. Three new issues of debenture stock are -created. Unsecured ox'editors are to capitalise I interest clue to them to 31st March, and will be paid in cash part passu with calls to the extent of 124 per cent. i The new company reserves power to redeem charges upon any specified asset if the liquidator and trustees for the deben fcure holders approve. Moneys received on the realisation of property are to be applied, three-fourths to the redemption of debenture stock aud the balance Ito provide additional working capital. The underlying principle of the scheme is the consolidation of all liabilities into debenture stock, thus loaviug the Company free from debt.