(DOWNLOAD) "Southern New England Tel. v. Utilities Comm." by Supreme Court of Connecticut * Book PDF Kindle ePub Free
eBook details
- Title: Southern New England Tel. v. Utilities Comm.
- Author : Supreme Court of Connecticut
- Release Date : January 29, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 51 KB
Description
There is no dispute on the facts. By an
application filed September 12, 1956, the
plaintiff, a public service company, sought
authority to issue 679,012 additional shares, of
the par value of $25 each, of its authorized
capital stock. Hearings were held by the public
utilities commission on September 24, 25 and 26,
1956, at which the company offered evidence in
support of its application. The only person
appearing in opposition was a stockholder who
objected only so far as the offering price per
share exceeded the par value of the stock. The
company proposed to offer the additional shares
for subscription at $30 per share to stockholders
of record in the ratio of one additional share for
[144 Conn. 518]
each eight shares then outstanding. The company
further proposed to dispose of any unsubscribed
shares at not less than $30 per share. Transferable
subscription warrants were to be issued to
stockholders of record. Net proceeds to be
received by the company from the sale of the
additional stock were expected to approximate
$20,275,000 and were to be applied, first, to the
repayment of advances from the American Telephone
and Telegraph Company of approximately $15,800,000.
The balance of the net proceeds, approximately
$4,475,000, was to be expended on the company's
construction program.
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