FINANCIAL ARRANGEMENT.
LOAN AND MERCANTILE CO. Received August 6, 11.25 a.m. LONDON,. Aug. 5. The directors of the Loan and Mercantile Agency, Ltd., have drawn up a scheme to deal with the arrears of dividend on 6i and 5 per cent, preference shares. They propose to pay in cash the arrears and a year’s dividend to June, 1937, on the five per cent, shares and cancel the arrears on the 6J per cent, shares and also the current dividend and convert this class of capital rnto ordinary stock. Second preference shareholders will receive £70,000 in cash and £250,000 in ordinary shares, which the existing ordinary shareholders will provide by surrendering one-fourth of their holdings. They will, also surrender another quarter for cancellation. The scheme will enable dividends to be paid far sooner than is at present possible. “REASONABLE. SOLUTION.” Received August 0. 1.15 p.m. LONDON. Aug. 5. The Times city editor considers thatthe New Zealand Loan and Mercantile Co.’s scheme is a reasonable solution of a complicated problem.
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Manawatu Standard, Volume LVII, Issue 211, 6 August 1937, Page 8
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168FINANCIAL ARRANGEMENT. Manawatu Standard, Volume LVII, Issue 211, 6 August 1937, Page 8
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