UF00083749_00027.pdf

UF00083749_00027.txt

UF00083749_00027_pdf.txt

mmumrrou 0? SPECIAL COHHIITII
TO CONSIDER PIHAHCIHG PLANS

A Spocial Connittoo appointod by tho Chairman at tho
lxocutivo Coo-ittoo and consisting of Hooara. choohoo. Palvolka.
Sch-idt. and rroo-an. haa not and con-idorod variouo plana for rain-
ing additional capital noodod by tho corporation. Alto: a toll con-
oidoration and diocuaoion. tho Spocial Coo-ittoo Iahoa tho following
rocoo-ondationo to tho Board at Diroctora:

1. That tho corporation iaauo ito aubordinatod convortiblo'
Dob-nturoa in tho total taco amount of $390,000.. boaring intoroat at
tho rato of TS por annun payahlo aoui-annually. and oaturing in 10
yoara, ouhjocc to prior call by action of tho Board of Dirootora to
rotiro all or portiono thoroot in uultiploo of $500.

2. rhoao dohonturoo would ho ottorod only to all proaont
atockholdoro. on tho basis or $65 in dabanturoa tor oach 5 aharoo of
atock ownodz with tractiona o! loaa than 5/10 boing droppod and
tractiono at 5/10 or noro hocoling a wholo unit. Stockholdora would
havo 30 dayo following tho forwarding o: notico of tho iaauo to aub-
ooribos any unuood aubacriptiooo would thon ho ottorod to tho aub-

_ocribing otockholdora on a prorata baoio. Bubacription righto would
not bo tranoforrablo:

3; Prior to maturity. dobonturoo would ho oonvortihlo at any
ti-o into aharoo or common atock of tho corporation. at a prico at
$65.00 por oharo.

0. rho procooda of tho dobonturo iaouo would ha uood for tho
following purpoaoa. in tho ordor atatoda

a. To rotiro in full ahort tor- hank loana now at Jack-
oonvillo National Bank and Stato Bank or Jackaonvillo ($256,000.).
b. To provide additional working capital (820.000.).

c. To retire the corporation'a notoa hold by tor-or

Lo-
atockholdora at Florida cot-Io, roloviaion Company ($88,572.83).

d. Balanca aa additional working capital.




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