Pacific Leisure Enterprises stock certificate, 1970, issued uncancelled, out of business, so this cert is obviously sold as a collectible. Large unique underprinted vignette of the Hawaiian Islands printed in green ink with a blue ink border A nice striking certificate in excellent condition; I would rate this Very Fine +++, never been folded. Quality printing by Security Columbian Bank Note. The company was founded in 1969, went out of business in the 1970's. Hawaiina realted stock certs are rare, and a Hawaiian Island vignette is extremely rare. According to the Securities & Exchange Commission: Pacific Lelsure Enterprlses, Inc., 919 Bethel St., Honolulu, HI, filed a registration statement (F11e 2-34016) with the SEC on July 18, 1969, seeking registraon of 1,000,000 shares of common stock, to be offered for public sale at $15 per share. The offering is to be made on a best efforts basas through Bovers,Davis & Jacobs,Lnc, 116 John St.,NewYork, which will receive a $1.45 per share selling commission. The company has agreed to sell the Bovers firm, at 1 cent each, five-year warrants to purchase up to 62,000 shares (the number to be based on the shares sold), exerclsable after one year at $18 per share. Organized in March 1969, the company is engaged, through a subsidiary, in the development of a condominium featuring leasure time facilities in the Carmel Valley of California. It proposes to engage in Leisure time oriented activities in Hawaii and other areas bordered on or surrounded by the Pacific Ocean. Of the net proceeds of its stock sale, $1,250,000 will be used in correction with the operations of its subsidiary, Carmel-Hawaii Investors, Inc.; the balance wi1l be added to the company's worklng capltal and used fer general corporate expenses. The company has outstandlng 1,415,585 common shares (with a $1.13 per share book value), of which Willard M.P. Wong, board chairman and president, owns 37.1% and management officials as a group 80.4%. Purchasers of the shares being registered wi11 acquire a 41.4%stock interest in the company for their investment of $15,000,000 (they wlll sustain an immediate dilution of $8.76 ln per share book value from the offering price); the present shareholders will then own 58.6%, for which they wi11 have paid $1,459,340. |
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