9 SEPTEMBER
THE NEW ZEALAND GAZETTE
2119

B. THE SCHEME OF ARRANGEMENT

1. Cancellation of Preference Shares

Each of the existing 100,000 6¼% cumulative preference shares of $1 each of which 80,000 have been issued and are fully paid up will be cancelled. Consequently the nominal capital of the company will be reduced by $100,000.

2. Reduction of Capital

The sum of $80,000 being the share capital paid up on the issued 6¼% cumulative preference shares thus cancelled will be carried to the credit of an account in the books of the company to be called “Preference Share Redemption Account”.

3. Entitlement to Ordinary Shares

Each holder of the issued 6¼% cumulative preference shares at the time of cancellation will be allotted and issued ordinary shares of $1 each fully paid up in the capital of the company in the ratio of 2 ordinary shares for each 3 6¼% cumulative preference shares held. In the case of fractions the ordinary shares so to be allotted shall be calculated to the nearest whole number.

4. Such ordinary shares to be issued as fully paid the sum of $53,333 or such other sum as shall equal the nominal amount of the ordinary shares to be allotted to the holders of cancelled 6¼% cumulative preference shares shall be withdrawn from the Preference Share Redemption Account and applied in paying up in full such ordinary shares. The balance of the Preference Share Redemption Account shall remain in such account as if it were a share premium account established under section 64 of the Companies Act 1955 and shall be paid out only in the circumstances set out in the said section 64 and shall be held subject to the conditions therein set out.

5. Dividends

(a) The holders of the 6¼% cumulative preference shares cancelled as aforesaid shall remain entitled to the final payment of dividend thereon for the year ended 30 June 1976 which will be approved by members at the extraordinary general meeting of the company proposed to be held on the 19th day of August 1976 for the purpose of approving the scheme.

(b) The new ordinary shares to be issued as aforesaid shall in all respects rank pari passu with the existing ordinary shares of the company except that they will not participate in any final dividend or distribution in lieu of dividend to be declared and paid on ordinary shares in respect of the financial year of the company ended on 30 June 1976 but they will participate in all dividends and distributions in lieu of dividends declared or made in respect of ordinary shares thereafter in lieu and in full satisfaction of all further preferential dividends that would otherwise have been payable upon the 6¼% cumulative preference shares to be cancelled pursuant to this arrangement.

6. Replacement of Reduced Capital

The authorised capital of the company having been reduced by $100,000 will be increased by $100,000 by the creation of a further 100,000 ordinary shares of $1 each.

7. Effective Date of Scheme

Subject to the separate approval of each class of shareholders and of the company in general meeting and to the sanction of the Supreme Court the scheme of arrangement will come into force with effect from the date it is sanctioned by the Supreme Court and registered with the Registrar of Companies or the 30th day of August 1976 whichever is the later. The Directors of the company may assent to any modification of the scheme or to any conditions which the Court may think fit to approve or impose.

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GOVERNMENT PUBLICATIONS

Below we list some selected publications, including recent releases. These are among the wide range of Government publications available from the following Government bookshops:

The Government Bookshop, 130 Oxford Terrace, Christchurch
Private Bag
Telephone 50 331

The Government Bookshop, T. and G. Building, Princes Street, Dunedin.
P.O. Box 1104
Telephone 78 294

The Government Bookshop, Barton Street, Hamilton.
P.O. Box 857
Telephone 80 103

The Government Bookshop, Housing Corporation of New Zealand Building, Rutland Street, Auckland.
P.O. Box 5344
Telephone 32 919

The Government Printing Office, Mulgrave Street, Wellington, Private Bag Telephone 737 320.

The Government Bookshop, World Trade Center, Cubacade, Cuba St., Private Bag Telephone 849 572.

The Government Bookshop, Rutherford House, Lambton Quay, Telephone 726 145.

THE GOVERNMENT PRINTING OFFICE IS AGENT FOR THE FOLLOWING ORGANISATIONS AND PUBLICATIONS CAN BE OBTAINED FROM ANY OF THE GOVERNMENT BOOKSHOPS LISTED ABOVE.

Asian Productivity Organisation (APO).
Australian Government Publishing Service (AGPS).
British Tourist Authority (BTA).
Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Council of Europe (CE).
European Communities (EC).
Food and Agriculture Organisation of the United Nations (FAO).
Information Canada.
International Labour Office, Geneva (ILO).

New South Wales Government Printer.
Organisation for Economic Co-operation and Development (OECD).
United Nations Educational, Scientific and Cultural Organisation (UNESCO).
United Nations (UN).
World Health Organisation (WHO).
We have available publications from Her Majesty’s Stationery Office (HMSO).

PUBLICATION CATALOGUES

Publication catalogues may be obtained on application from any Government Bookshop or by writing direct to the Government Printing Office. A free mailing list is available, and persons wishing to use this service and obtain catalogues of all recent publications available, should write or call your nearest Government Bookshop.