Debenture stock


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Related to Debenture stock: preferred stock, bonds, debenture bond
1.(Finance) The debt or series of debts, collectively, represented by a series of debentures; a debt secured by a trust deed of property for the benefit of the holders of shares in the debt or of a series of debentures. By the terms of much debenture stock the holders are not entitled to demand payment until the winding up of the company or default in payment; in the case of railway debentures, they cannot demand payment of the principal, and the debtor company cannot redeem the stock, except by authority of an act of Parliament.
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Since this required that all the money raised through the sale of tickets was paid out in prizes, which took the form of interest-bearing debenture stock, it was a cautious entry into the world of lottery-based revenue raising.
The adjusted pretax profit, excluding gains on the revaluation of the investment property portfolio, profit on the disposal of investment properties and the premium on redemption of debenture stock, was pounds 12 million, up from pounds 11.9 million.
"We have sold off a lot of under-performing stock worth around pounds 100 million and cancelled pounds 33.6 million of debenture stock and this, and the consequent effect on our rental income, has had a short term impact on our profits but we are now ready to press forward with our growth plans."