COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 97, 27 April 1938, Page 4

COMPANY AFFAIRS.

WOOLWORTH PROPERTIES,

SEPARATE COMPANY FORMING

The directors or Woolworths, Limited, in a circular to shareholders, give details of their proposals regarding Wool worths Properties, Limited. It lias been decided to register a separate company for the purpose of taking over from Woolworths, Limited, the freehold of properties other than the bulk store at present owned by it and providing for the acquisition of any further properties it may be deemed advisable to secure. I'or this purpose Woolworths Properties, Limited, has been registered, with a nominal capital of £2,000,000 divided into 250.000 ordinary shares of £1 each and 1.750.000 6 per cent cumulative preference shares of £ I each. It is proposed that flic whole of the ordinary capital of the new company will be taken up by Woolworths, Limited. It is proposed that 200.020 preference shares lie offered in the first instance to ordinary shareholders of Woolworths, Limited, who were registered on the books of Woolworths, Limited, on March 21, 1938, in the approximate proportion of their respective ordinary shareholding, inclusive of the recent bonus shares in Woolworths. Limited, which works out at approximately one for every 10,' based on each 5/ share, subject to the rights of every ordinary shareholder to apply for a minimum of 20 shares.

NATIONAL INSURANCE. UNCHANGED DIVIDEND RATE. (By Telegraph.—Press Association.) DUNEDIN, Tuesday. The directors of the National Insurance Company of New Zealand. .Limited, have declared an interim dividend' of 4d a share for the half-year ended March 31, payable on May 17. The rate is unchanged. RISE IN PROFIT. KAIT A N GAT A COAL. (By Telegraph.—Special to " Star.") DUNEDIN. Tuesday. P e ' ; Profit of £7953, compared with £5545 last year, is reported in the annual accounts of the Kaitangata Coal Company, Ltd., and the dividend has been increased f 1 om 2/ a share to 2/6, or 15% per cent. Gross mining revenue stands at £30 304 against £23.418 in 1937. After making provision for depreciation and income tax there remains a balance to the credit of profit and loss account of £8218 7'5. which the directors recommend be applied as follows: To payment of dividend of 2/6 per share, £7936 2/6; and to camforward £255 4/11.

BANK OF NEW SOUTH WALES.

The Bank of New South has declared the usual quarterly dividend of 6/ a share for the period ended March 31.