COMPANY NEWS

Press, Volume XC, Issue 27538, 21 December 1954, Page 17

COMPANY NEWS

Canada Dry.—The assets of Canada Dry (Aust, and N.Z.) Ltd., have been acquired as a going concern from the receivers by a new company, Cannda Dry (N.S.W.) Pty., Ltd., the directors state. As the purchase price is insufficient to repay in full the secured creditors, there will be no assets available for unsecured creditors and shareholders, they state in a circular to shareholders. “In spite of six months of protracted negotiations, it has not been possible to introduce fresh capital, which has left the receivers and managers with no alternative but to dispose of the company’s assets,” the report states. The issued capital of the new company is held by Charterhouse, Australia, Ltd., whose directors only agreed to purchase the assets when they were informed by the receivers and by the bank that the alternative to such a purchase was the sale of the fixed assets, “at a much lower price, to a competitor who did not intend to continue bottling Canada Dry products." [Canada Dry (Aust, and N.Z.), Ltd., formed in 1950, had paid capital of £400,000. Losses to September 30. 1953, were £84,151.1 Amalgamated Wireless.—lt would be some little time before shareholders of Amalgamated Wireless (A’asia) Ltd., received the benefit of the company’s television engagements, said the chairman, Mr T. J. Parker, at the annual meeting. The. company would be active, not only in the; manufacture of transmitting and receiving: equipment, but also in the operation of television stations. The next 12 months, would bring an increasing advance in this field. Mr Parker said that competition* with English and European eompanies in: the Australian market was causing concern, as the extension of export business! was even more competitive, except ini special circumstances. The bonus add!-* tfon to the dividend should not be re-1 garded as necessarily recurring, though, the directors would distribute any safely available amounts. Final payment (6s 3d) on the contributing shares would probably be required not later than June 30