SUBDIVISION OF SHARES

Press, Volume XCIII, Issue 27874, 24 January 1956, Page 15

SUBDIVISION OF SHARES

COMPANY NEWS

STANDARD INSURANCE PROPOSALS 2/- CALL TO BE PAID FROM RESERVES (New Zealand Press Association) DUNEDIN, January 23. The Standard Insurance Company, Ltd., proposes to subdivide the existing £5 shares (£1 paid) into £1 shares (4s paid). The board of directors decided today to submit this proposal to shareholders. If this proposal is approved shareholders will be asked to approve a further resolution, making a call of 2s a share. A sum of £lOO,OOO, it is proposed, should be capitalised from the general reserve to pay a dividend of 2s a share, this dividend to be applied in satisfaction of the 2s call. Paid-up capital of the company consists of 200,000 £5 shares, paid to £l.

The proposals to be put before the shareholders will have the effect of increasing paid-up capital by £lOO,OOO, the new capital structure being 1,000,000 £1 shares, paid to 6s. The total reserves of the company, including reinsurance reserve fund, as at June 30 last year, stood at £1,069,998, giving a net tangible asset backing of £6 6s lid.

ALTERED EXCHANGE RATES

The Swedish kroner was the only currency which' appreciated in relation to sterling in the week ended yesterday. For the last two weeks this currency has gained slightly over sterling. For the third week in succession, sterling appreciated in relation to the American dollar. The rate on Montreal was unaltered. Other gains, in terms of the Belgian franc, the Western German mark, and the Italian lira, were recorded. Altered telegraphic transfer exchange rates, as advised yesterday by the Bank of New South Wales, are as follows: N.Z. on New York: buying, 2.8038 dollars to £N.Z.I (compared with 2.8032 on January 16); selling, 2.7720 (2.7708). N.Z. on Belgium: 141.69 francs (141.59); 137.20 (137.10). N.Z. on Sweden: 14.61 kroner (14.64); 14.27 (14.30). N.Z. on Italy: 1756 lire (1753); 1721 (1718).