2 MARCH 1929, Page 52

W. H. Swan AND Sox.

Among impending issues of capital, or rather, perhaps, it should be said among .those which may possibly be made sometime during the coming month, there is the proposed issue of debenture stock in connexion with the well- known newspaper and book-selling firm of W: H. Smith and Son. For reasons which have already been 'fully explained in the papers, that old-established business is now being converted into a private limited liability company. No issue is being made to the public by that company, but I understand that the freehold and leasehold premises owned by the firm will be transferred to a new Holding Company entitled Hambleden Estates, Limited, and it is that company which it is believed will be making an issue of First Mortgage Debenture Stock for a fairly large amount. The stock will be amply secured and fully covered by the amount represented by the freehold and leasehold premises themselves, but in addition, I believe that they will also have a charge on £1,000,000 of debenture stock in W. H. Smith and Son, Limited, which line of stock will be held by Hambleden Estates, Limited. -

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