COMPANY NEWS

Press, Volume XCIV, Issue 28157, 21 December 1956, Page 19

COMPANY NEWS

PAR ISSUE BY AMPOL (N.Z. Press Association—Copyright) MELBOURNE, December 20. Ampol Petroleum, Ltd., is making an issue of 12,000,000 ordinary 5s shares at par to shareholders in the ratio of one for two held. The issue will raise paid capital by £3m to £lom, including £lm preference capital. Capital will have expanded four-fold since 1952 when the issue is made. At the annual meeting in Sydney yesterday, the chairman (Mr L. J. Thompson) said that the board considered that the decline in asset liquidity should be adjusted by the issue. The decline had been caused by “heavy expenditure for new service stations, storage terminals, plant and equipment during the last few years,” he added. He said that provided there was no deterioration in profit margins, the dividend rate (12J per cent.) should be maintained on the larger capital.

£4om Stock Issue by 1.C.1. Imperial Chemical Industries, Ltd., will offer preference and ordinary stockholders £4om 5 1 ,i per cent, stock. Convertible in 1977-79, the stock is unsecured, and is being offered to stockholders at £99. The issue is the largest ever offered by a British industrial company. Capital expenditure by 1.C.1. in the 10 years to December 31, 1955, totalled £3oom, of which about £2lom came from internal resources and the balance from share and stock issues. A third oil cracker, a new polythene plant, and a titanium factory are among the projects to be financed by the new capital.