26 MAY 1939, Page 54


The decision of Timothy Whites and Taylors, the chemists and hardware store proprietors, to issue L500,000 5 per cent.

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(Continued from page 938) debenture stock can hardly be termed a reopening of the new issue market, for Mr. Philip Hill made it clear at the meeting last week that the new issue is to be confined to existing share and debenture holders of the company. Nevertheless, it shows an encouraging determination not to be deterred from normal expansion by prevailing political uncertainties. Mr. Hill, indeed, emphasised that his confidence in the company's future is undiminished, and that given normal conditions, the progressive policy should mean improving results from year to year. Since the meeting it has been disclosed that the new 5 per cent, stock is being offered at £99 per cent. It is redeemable at latest at the end of 1964, with provision for optional redemption at Dot after 1943 and £tot after 1950 and at par after 1955. Together with the existing £1,000,000 of 4 per cent. First Debenture stock, it is shown to be covered nearly 21 times by available assets and over 4.1 times as to Viterest.

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