WINDFALL FROM SHARE RISE

Press, Volume LXXXIII, Issue 25085, 17 January 1947, Page 5

WINDFALL FROM SHARE RISE

—• — FORMER N.Z. FARMER MAKES £58,961 (N.Z. Press Association—Copyright) (Rec.. 5.5 p.m.) LONDON, January 15. Mr L. J. Nathan, aged 71, who was once a New Zealand farmer, has heard mat in a week he has become richer by £58,961 sterling. Mr Nathan retired a year ago from the chairmanship of Joseph Nathan and Company, which owns Glaxo, but he kept 5000-odd 10s shares. These shares have jumped from £8 15s each to £2O, because a week ago the directors disclosed for the first time that the profits of the subsidiary, Glaxo Laboratories. Ltd., represented 925 per cent, on Joseph Nathan and Company’s ordinary capital. It Was announced recently that Joseph Nathan and Company, London, would be voluntarily liquidated and replaced by Glaxo Laboratories, Ltd., a wholly-owned subsidiary. No public issue of capital is involved in the change, to approve which meetings of Joseph Nathan shareholders are being held on January 30. The issued capital of Nathan is. £779,635. The business of Joseph Nathan and Company was founded in New Zealand, and became public in 1913. Glaxo Laboratories was incorporated in 1935. After providing for all taxation except United Kingdom income tax, profit of the Glaxo company for the year ended September 30 was £5tg323,593, against £5tg198,526 the previous year. Net profit of Joseph .Nathan and Company for the year ended Septem°er 4 W^ S J . £5tg97,298, against £stgB7,9BB. Ordinary dividend is unchanged at 10 per cent., tax free.