PETROLEUM NEWS

Taranaki Daily News, Volume LIV, Issue 277, 20 May 1912, Page 4

PETROLEUM NEWS

TIIE TARANAKI PETROLEUM COMPANY. The following circular has been issued to shareholders of the Taranaki Petroleum Company:— Your directors have pleasure in informing you that the sale of the company's property to the Taranaki (N.Z.) Oil Wells, Limited, is now sufficiently far advanced to enable it to go into liquidation for the purpose of distributing the proceeds amongst the shareholders. The purchasers have taken possession and assumed control of the .boTes as from Saturday. There has been some delay in the matter, which, however, has been quite unavoidable. As you are aware, the purchase price was fixed at £IIO,OOO. The shares portion of the purchase money (£59,000) is immediately available for allotment, and of the balance (£61,000), a substantial amount has been paid in cash and the remainder will be paid in equal instalments at three, six, and nine months from this date, with interest at five per cent., payment being secured by mortgage of the properties. The security also includes payment for the oil in stock and for plant acquired since June 1 last (about £7000). This company will also a proportion of the Government bonus in respect of oil won between the receipt of the last bonus and the present time. The arrangements for payment will probably not materially delay the final distribution and the liquidator may make a first distribution as soon as the necessary liquidation formalities have been arranged. Tn the meantime, the unpaid balance is secured and bearing interest. Those of our shareholders who are also shareholders in the purchasing company will be gratified to learn that the purchase of the refinery is in hand, and your directors expect by the date of the meeting to be in possession of definite information as to the steps beingl taken by the purchasers to establish the industry. C. CARTER, Chairmai.