COMPANY NEWS

Press, Volume LXXXV, Issue 25739, 26 February 1949, Page 8

COMPANY NEWS

BYCROFT, LIMITED ANOTHER BONUS ISSUE “The Press” Special Service AUCKLAND, Feb. 25. A bonus issue of shares on the basis of one for every three held is proposed by the directors of Bycroft, Ltd., flourmillers and biscuit manufacturers, Auckland. The recommendation will involve the distribution of 50,000 shares and will require an increase in the company’s capital from £150,000 to £200,000. The proposals will be submitted to shareholders at the annual meeting of the company in May. A somewhat rare occurrence under present-day conditions, this announcement of a bonus which was made on the Auckland Stock Exchange this morning, took the market completely by surprise and offers for this well-regarded and tightlyheld scrip were immediately lifted from round the usual 62s to 63s up to 655, sales following at 70s—a rise of 9s on last business transacted on December 17. Only two parcels, involving 150 shares in all, changed hands. The business of Bycrofts has been, associated with Auckland for 105 years. It was founded originaUy in 1843 by Mr John Bycroft, and is one of the city’s oldest industries. The original capital was £30,000. , , Apart from other increases of capital offered to shareholders at par, the company has made other bonus Issues. In May, 1926, £8250 was capitalised and issued in fully-paid shares in the proportion of one for 10; in May, 1929, £9250 of reserves were capitalised and applied to the issue of one bonus share for every 10 held. In June, 1936, one £1 fully-paid bonus share was issued for every four shares held. For some years the company has maintained its dividend at 8 per cent., but in 1946 a victory bonus of 2J per cent, was added. Metropolitan Building Accounts.—The accounts of the Metropolitan Permanent Building and Investment Society, Wellington. for the year ended February 15. show a net profit of £5899 against £5812, the previous year. The dividend on A shares is unchanged at 6 per cent., with a bonus of 1 per cent, (final 3 per cent.), and holders of B investment shares are again credited with 6 per cent., plus a bonus of 1 per cent. These payments take £5504 and £5OO is again transferred to the special advances reserve, leaving a carryforward of £3644, against £3629 brought in.—(P.A.)