March 26, 1952 - Hoberg offering preferred stock: Hoberg Paper Mills, Inc., has filed a registration statement with the Securities and Exchange commission relating to a proposed offering of 80,000 shares of five and one-half percent convertible preferred stock, J.M. Conway, Hoberg president, announced.
Par value of the stock will be $25 per share. Part of the proceeds of the new issue will be used to redeem on June 30, 1952, outstanding shares of six percent preferred stock at $100 per share plus accrued dividends. Holders of the six percent preferred stock will be given an opportunity to exchange these shares for the new convertible preferred stock.
During the past four years the company has spent over $4,300,000 in property additions. A new paper machine costing approximately $1,750,000 including building additions, will be in cooperation about the middle of April.
The new stock will be offered about April 17.