COMPANY NEWS

Press, Volume LXXXVII, Issue 26512, 29 August 1951, Page 11

COMPANY NEWS

Conlls, Somerville. Wilkie.—The directors will recommend to shareholders that c «Pttal be increased to £200,000 by the creation of 50,000 ordinary shares of £1 each. These 50,000 shares, with 30,042 at present unallotted (making a total of 80,042), will be offered to existing shareholders at a premium of 5s in the approximate proportion of two for every three held. Annual dividends recommended are 7 per cent, on ordinary shares and 5 per cent, on preference shares.—(P.A.)

Ice Cream Companies to Merge.— Tip Top Ice Cream Company (Auckland), Ltd., and Peters Ice Cream Company (N.Z.), Ltd., have arranged an amalgamation. Announcing this yesterday the chairman of the Tiptop Ice Cream Company (Auckland), Ltd., Mr A. E. Hayman, said that shareholders were being advised of the move forthwith and further details would be made public shortly. Under the amalgamation each company -would retain its separate Identity. Buyer* reacted to the news on the Auckland Stock Exchange yesterday, by lifting their offers for Peters Ice shares from 44s to 475. Setter* replied ‘Mt 62* 6d. Business was done earlier this month at 445. Offers for Tip-Top shares firmed slightly to 24*

Dominion Investment Affair*.—With shortages of material and labour still persisting only uninterrupted production could assist in alleviating the housing shortage which wa* still a problem of national concern, said Mr F. W. Winstone, chairman of the Dominion Investment and Banking Association, at the annual meeting of shareholders this week. In order to consolidate the issued capital in regard to future dividends, the board intended to repay the first and second issue "B" share* at June 30, 1952, said Mr Winstone, and shareholder* wou) be given the option of converting theii holdings into third issue "B” shares, which are limited to a 4 per cent, rate of dividend. Notices will be issued to sharehold ers later.—(P.A.)

Consolidated Finance.—Net profit o' Consolidated Finance Corporation. Ltd. Sydney, for the year ended June 30, was £42,011, against £33,702 the previous year. Aggregate net profit of parent and subsidiary companies was £53,004, against £41,769. Dividends are unchanged at 7 per cent, preference (final 3j per cent.) and 10 per cent, ordinary (final 5 per cent.).