N.Z. BREWERIES.

Auckland Star, Volume LXVIII, Issue 128, 1 June 1937, Page 4

N.Z. BREWERIES.

,j NEW SHARE ISSUE. ONE FOR TWO HELD. PREMIUM OF 5./. New Zealand Breweries, Limited, i announce that a new issue of 546,135 ordinary £1 shares in the company will j be offered to shareholders for subscription j according to telegraphed advice received I this morning by the Auckland Stock j Exchange. Shareholders are to have the i I right to take up one of the new shares | I for every two held, at a premium ol' •>/. j The company's share register closed for the purpose of allotting the rights on May 29. Apparently this represents a further stage in the ileal with Staples Brewery. It was announced recently that the bigger company had been given an option over j the hotel properties owned by Staples, i These stood in the books last December | at under £220.000. However, it is ; generally considered that they had beei: well written down. The price at which New Zealand Breweries are taking over the Staples' properties has not been divulged, but a Cbristchurch report states that the deal will represent a cash outlay ot over £500,000. It is also stated that in aj liquidation of Staples company shareholders would receive over £1,000,000 for < their holding of £350,(MX). On Saturday there were buyers for these shares at £2 12/, but no sellers. The last sale of New Zealand Breweries shares was on Friday, when they changed hands at £3 5/6. To-day they_ were quoted at ex rights with sellers at 53/ lor the shares and at 32, for the rights, with no buyers in either case. New Zealand Breweries, Limited, was formed in 1923 with a capita' ol .>OO,OOO £1 shares. £1,000.000 worth of debentures bearing 10 per cent interest were also issued at that time. In 1929 capital was increased to £2,000,000. A bonus issue ot £250,000 was made to shareholders and debenture holders were given the opportunity to change their debentures lor shares in the ratio ol one share lor each £2 of debentures. With few exceptions the option was exercised and when the various transactions had been completed the paid capital stood at £1,092,2t1, at which figure it has been stationary in recent years. The proposed new issue will bring the paid capital to £1,638.406, leaving £3tt1,a94 | still available for issue.