THEATRE ENTERPRISE

Sun (Auckland), Volume I, Issue 218, 3 December 1927, Page 16

THEATRE ENTERPRISE

ISSUE OF DEBENTURES NEW WELLINGTON HOUSE The bulding of the New Majestic Theatre in Wellington, an important extension to the Fuller-Hayward organisation, has brought about the issue of £50,000 in S per cent, guaranteed mortgage debenture stock. Particulars are advertised in this issue of THE SUN. The payment of the interest and repayment of the principal sum are both guaranteed unconditionally by Fullers Pictures, Ltd., Haywards Pictures. Ltd., and N.Z. Picture Supplies, Ltd., as joint guarantors. These three companies together form the FullerHayward theatre organisation, with a total paid-up capital of £251,750, and operate a circuit of approximately 50 theatres throughout New Zealand. Each of the three companies has net assets in excess of the amount of the guarantee. The new property against wheih the debentures are issued will have a value of £12,500. It includes half an acre of freehold property in Willis and Boulcott Streets, with a depth of 245 feet. The net income covering the debenture interest will exceed it by more than 100 per cent and the interest of 8 per cent, is payable without any deduction, as is pro vided by the Land and Income Tax Act, 1927. The trustees for the deben ture holders are the Guardian Trust and Executors Co. of New Zealand Ltd., which is merged in and guaranteed by the South British Insurance Company. It will thus be seen that no commercial security offered for public subscription could be more fully protected, while it may be noted that

a leading similar stock is quoted on the Stock Exchange at from 23s to 24s in the £. The sole brokers for the issue are G. S. Craig, Ltd., and applications should Be sent to them without delay at 41 Shortland Street, Auckland, or Post Office Box 487. The shareholders in Fullers Pictures, Ltd., and Haywards Pictures, Ltd., have the prior right of application for this stock, and the balance which may remain available will be allotted in order of application.