A special meeting of the directors of the five inter-connected Judea companies, held at the Governor Clinton Hotel, approved the contract entered into between the Judea Industrial Corporation and the investment house of Moses & Company, Inc., whereby 130,000 shares of the new stock of the Judea Life Insurance Company will be sold to the public, according to a statement issued by the company.
The old stockholders of the Judea Industrial Corporation will first be given the opportunity to subscribe for over 100,000 shares of the new stock at the rate of three shares of the new issue for each share held in the Industrial Corporation.
The investment house will purchase and sell only part of the new stock; the remainder of the two hundred thousand shares authorized by the Insurance Department will be purchased by the Judea Industrial Corporation in connection with this financing. It is stated that this arrangement will assure the continued control of the Judea Life Insurance Company by the Judea Industrial Corporation and its wholly owned subsidiary, the Judea Insurance Company, Ltd., of Palestine.
The new capital and surplus will go to expand the insurance business in the many States where the company is favorably known but not now operating. The directors of the Judea companies at the meeting, some 36 in number, were enthusiastic over the new prospects for the company and its Palestine aims.