KORMA TEXTILES

Otago Daily Times, Issue 26634, 3 December 1947, Page 7

KORMA TEXTILES

INCREASE IN CAPITAL NEW PREFERENCE SHARES Dally Times Special Service AUCKLAND, Dec. 2. Resolutions changing the capital structure of Korma Textiles (N.Z.), Ltd., were approved by shareholders at special meetings. A separate general meeting of holders of preference shares was held to discuss the proposed increase of capital and the creation of a further 125,000 preference shares ranking for dividend, and in all other respects pari passu with the existing issue of 125,000 preference shares. To carry the proposal, at least 75 per cent, of preference shareholders were required to assent. In addition to those present, 81.22 per cent, of shareholders were represented by proxy. The proposal was unanimously approved. At a subsequent general meeting, the capital of the company was increased to £1,000,000 by the creation of 600,000 new shares, of which 125,000 are preference shares and 475,000 ordinary shares. The chairman. Mr J. A. Gentles, advised shareholders that the 125,000 new preference shares would be offered in the first instance at par to holders of existing preference shares in the proportion of one new preference share for each preference share at present held and upon the footing that 10s a share taken up shall be paid on application and the balance of 10s a share on March 1, 1948, and that the offer be made immediately to preference shareholders. The capital of the company is now £1,000,000, divided into 250,000 preference shares and 750,000 ordinary shares of £1 each. The issued capital when the new preference shares are taken up will be 250,000 preference shares and 275,000 ordinary shares, leaving 475,000 ordinary shares unissued.