THE N.Z.L. AND M.A. COMPANY.

Temuka Leader, Issue 2610, 20 January 1894, Page 3

THE N.Z.L. AND M.A. COMPANY.

London, Jan. 10. The reconstruction scheme of the New Zealand Loan and Mercantile Agency Company provides fol? a hew company under the" same title, with a capital of £3,9G ),000 iu 320,000 ordinary shares of £lO each, and 200,000 5 pel? cent., preference shares of £3 10s each; the liability of £22 10s per share on shares iu the old company to be immediately called up, but holders are relieved of this liability on taking for each old share two ordinary shares and one preference share in the new company, paying £1 for ordinary, and £3 10s for preference shaies, by instalments, extendfng over.ls months for ordinary and two years for preference shares. Three new issues of debenture stock are created, viz., prior lien, and " A " and"B" The prior lien bears interest at 5 per cent., and the others are free, but interest on "B " debentures is only payable from profits while prior lien stock remains iu existence. The holders of Baron Schroeder's 4 per cent, recivives prior lien stock £ for £ of the amount of their holding- Holders of debentures issued prior to Baron Schroeder's stock are to be paid 50 per cent, in " A," and 50 per cent iu " B " stock, with accrued interest, Schroeder's stock to March 31st to be paid id cash, while that on debentures issued previously to be paid in prior lion debenture?. Holders of securities guaranteed by the old company to be paid in " A " and " B " stock. Creditors under £'2o to be paid in cash. Unsecured creditors are to capitali?e the interest duo to them to 31st March, and are to be paid iu cash paripassu with calls to the extent of 12£ per cent. Unpaid instalments carrying interest lit 5 per cent, to be paid in pr!of lien, and i;0 per cent, equally in " A " and "B " stock. The new company reserves power to redeem charges upon any specified asset if the liquidators and trustees for the debenture holders approve. Moneys received on realisation of property to bo applied three fourths to re demption of debenture stock and the balance to provide additional working opital. Under-lying the principle of tho scheme is the consolidation of all liability into debenture stock, thus leaving the company free from debt. Jan. 18. The dato of the meeting of tho New Zealand Loan and Mercantile Agency Company for the consideration of tho reconstruction scheme has been fixed for February 20th.