AUCKLAND GAS
REDEMPTION OF DEBENTURES Daily Times Special Service AUCKLAND. Dec. 1. A proposal for the redemption of the outstanding 31 per cent. 1940 issue of perpetual debenture stock of the Auckland Gas Company, Ltd., was approved at a meeting of stockholders to-day. The meeting was convened by the Guardian Trust and Executors Company of New Zealand, Ltd., as trustee for the stockholders, and a resolution was submitted to enable the company to redeem at part as at December 31 the balance outstanding of the 1940 issue. The redemption is to be made with the proceeds of the issue of £508,658 41 per cent, perpetual debenture stock to be offered for public subscription. In reply to speakers who objected that the stockholders were being 'offered no priority over outside applicants for the new issue, and might be ballotted out if the issue were oversubscribed, the chairman, Mr J. B. Johnston, emphasised that the Government had insisted on public subscription. The terms, which were the best the directors could negotiate, had been obtained only after a struggle.
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https://paperspast.natlib.govt.nz/newspapers/ODT19471202.2.100.4
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Otago Daily Times, Issue 26633, 2 December 1947, Page 7
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176AUCKLAND GAS Otago Daily Times, Issue 26633, 2 December 1947, Page 7
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