COMPANY NEWS BOOTH MACDONALD MEETING

Press, Volume XCV, Issue 28251, 12 April 1957, Page 17

COMPANY NEWS BOOTH MACDONALD MEETING

Directors of Booth Macdonald and Company, Ltd. have been asked by the shareholders to continue negotiations with the bank and creditors, “with the object of continuing the business on a contracted basis.” A resolution to this effect was passed unanimously at the annual meeting of shareholders yesterday. The chairman and manager of directors, Mr A. M. Satterthwaite, who returned from England this week, presided over the meeting. The company has been in receivership since January, 1956.

S.I. FINANCE CORPORATION

Proposals to increase the interest rate payable on the preference shares of South Island Finance Corporation, Ltd., and its subsidiary, South Island Guarantee Corporation, and to offer more preference shares to existing shareholders, were approved yesterday by shareholders. Capital of the parent company is to be increased by the issue of 10,000 £1 6 per cent, preference shares, and existing preference shares will carry 6 per cent, interest instead of 5 per cent. Preference capital will then total £20,000, compared with £50,000 in ordinary capital. Paid capital of the subsidiary is at present £lO,OOO, in 9900 £1 preference shares, and 100 £ 1 ordinary shares (held by the parent). A further 10,000 preference shares are to be offered, and all the preference shares will in future carry 6 per cent, interest.

PREMIUM ISSUE BY CHARLES BEGG

(New Zealand Press Association) WELLINGTON, April 11.

The directors of Charles Begg and Company, Ltd. announced today that the capital of the company is to be increased by the issue of 40,000 ordinary shares at a premium of 10s to existing shareholders.

Present paid capital of the company is £150,000 in £1 ordinary shares.

CYCLONE (AUST.) TAKEOVER The Cyclone Company of Australia, Ltd., has offered one 10s share, and 2s in cash for every four shares in William C. Lynch Holdings, Ltd., Newcastle engineers. Based on a market price of 29s 3d for the Cyclone 10s shares, the offer is equal to about 7s lOd for each 5s share in William Lynch. The market price of William Lynch had been about 6s 3d before last week’s announcement that negotiations were proceeding. The effective cost of Cyclone to acquire the £63,000 capital of William. Lynch is £31,500 in shares and £6300 in cash —a total of £37.800. Net tangible assets of William Lynch at June 30 last totalled about £43,000, or £5200 more than the cost of the acquisition.

Directors of William Lynch approve of the offer, and recommend shareholders to accept. The offer is subject to acceptance by holders of 90 per cent, of the issued capital, although Cyclone may accept a smaller proportion.

Transport (Nelson). —The final dividend of 4J per cent, is payable on July 25, ex June 27.—(P.A.) E., S., and A. Bank.—The English Scottish and Australian Bank, Ltdwill pay an interim dividend of 4 per cent, on paid up capital, less British income tax at the standard rate.—(N.Z.P.A., London, April 10.) Bing, Harris.—Net profit of Bing, Harris and Company, Ltd., warehousemen and manufacturers, Wellington, declined by £14,366 to £34,597 in the year ended December 19. The company will pay an annual dividend of Is a share, which will require £27,647. In his statement accompanying the accounts, the chairman of the company, Sir Jack Harris, said that turnover was maintained during the year, although trading conditions were very difficult. Operating expenses had also risen.—(P.A.)