BRADFORD COTTON.

Auckland Star, Volume LXX, Issue 306, 28 December 1939, Page 3

BRADFORD COTTON.

AUSTRALIAN ENTERPRISE

£240,000 NEW CAPITAL

The latest extension of the operation of Bradford Cotton Mills, Limited (Victoria), will necessitate the expenditure of about £350.000, part of which will be found from existing resources and part by the issue of new capital.

Making thin announcement at an extraordinary meeting of shareholders, the chairman, Mr. K. J. Webster, said that about £240,000 would be raided by the proposed new issue of ordinary shares of £1 each, to be offered at par to ordinary shareholders in the proportion of one new share for each share held.

The agreement entered into with the Dtinlop-Perdriau Rubber Company, Ltd., for the purchase of the Barnett Glass Rubber Company's buildings and factory nt Footscray, Melbourne, had been signed, and a first issue of 34.000 shares made to the Durilop-Perdriau Company. A further share issue, completing the purchase, would be made in 18 months.

Mr. Webster said that, in view of the unsettled condition* prevailing, and because it was necessary to commit the company to a large expenditure, it was rlecided to have the issue underwritten. This was being done by Messrs. ,T. B. Were and Son for an underwriting charge of 6d per share, covering all brokerage.

The meeting agreed to an increase in the nominal caipital trom £400,000 to £1,230,000, by the creation of 860,000 new shares of £1 each. It was also decided to amend the articles of association to bring them into conformity with the Companies Act.