Company News TIP TOP ICE ACQUISITION

Press, Volume XCV, Issue 28270, 7 May 1957, Page 18

Company News TIP TOP ICE ACQUISITION

Interest In Food Processors

(New Zealand Press Association) AUCKLAND, May 6.

Shareholders of Associated Foods, Ltd., today agreed to proposals to divide the interests of the company between the Tip Top Ice Cream Company (Auckland), Ltd., and L. D. Nathan and Company, Ltd. Both companies are at present the biggest shareholders in Associated Foods.

Associated Foods, Ltd., was formed in 1950 to merge five food processing companies Lactos, Ltd., Dairy Foods (N.Z.), Ltd., El woods, Ltd., Daisy Products, Ltd., and Frosted Foods, Ltd. In the last financial year, to June 30, 1956, a net profit of £2062 was earned. No ordinary dividend was paid. Shareholders at today’s meeting authorised the directors to sell to L. D. Nathan and Company, Ltd., the company’s holdings of 13,200 ordinary £JL shares in Elwoods, Ltd., at 24s a share (involving £15,840), and 12,220 ordinary £1 shares in Daisy Products, Ltd., at 10s a share involving £6100). The total paid capital of Elwoods, Ltd., is £22,000 in ordinary £1 shares, and that of Daisy Products, Ltd., is £17,000 in ordinary £1 shares. Shareholders at the meeting also approved the directors’ recommendation of acceptance of an offer made by the Tip Top Ice Cream Company (Auckland), Ltd., to purchase the ordinary shares of Associated Foods and to repay the preference shareholders.

The resolutions at today’s meeting were carried with one dissentient. Details of the offer by Tip Top are being circulated to shareholders within a few days.

Kelvinator (Aust.) Consolidated net profit of Kelvinator Australia. Ltd., refrigerator ; manufacturers, was £241,137 last year. This shows a fall of £51,861, ( or 17 per cent. Profit had risen £55,040 during 1955-56. The decrease is the first shown since 1951-52. Ordinary dividend is held at 15 per cent., again including a 5 per , cent, bonus. Profit is equal to an earning rate of 22.6 per cent, after charging the £12,200 for preference dividend. Devonport Steam Ferry.—Recommended final dividend is 4 per cent, (making 7 per cent, for year). The dividend is payable on June 5, ex May 14.—(P.A.) Overseas Exchange Rates The Canadian dollar continued to gain ground compared with other currencies last week. The £ sterling, however, is still worth more in Canadian currency than it was a month ago. The United States dollar was weaker in relation to sterling. Latest telegraphic transfer exchange rates as advised yesterday by the Bank of New South Wales

Potato Shipments Increase Shipments of potatoes from Lyttelton increased in the last fortnight to 8426 sacks. So far this season 14,741 sacks have been shipped, compared with 15,792 sacks up to April 28 last year. Details of shipments up to last Saturday are as follows: to Auckland, 2443 sacks last fortnight (making 4907 sacks to date); Wellington, 1108 sacks (1897); NapierGisborne, 1576 sacks (3408); West Coast, North Island, 1280 sacks (1931); Fiji, 2019 sacks (2598); total, 8426 sacks (14,741).

are:— Buying Selling London— £N.Z. to £100 stg. 100/7/6 101 .New York— Doi. t6 £1 N.Z. .. 2.7889 2.7573 Montreal— Doi. to £1 N.Z. .. 2.6685 2.6339 Australia— £A to £100 N.Z. 124/10/9 124 £F to £100 N.Z. 111/11/9 110/4/3 Western Samoa— £S to £100 M.Z. — 100 South Africa— £N.Z. to £100 S.A. 99/14/0 101/5/6 Belgium— Francs to £1 N.Z. 141.99 138.40 Denmark— Kroner to £1 N.Z. 19.66 19.02 France— Francs to £1 N.Z. 993 966 NetherlandsGuild. to £1 N.Z. 10.74 10.49 Norway— Kroner to £1N.Z. 20.22 19.56 Sweden— Kroner to £1N.Z. 14.59 14.25 Switzerland— Francs to £1 N.Z. 12.28 12.04 Western GermanyDeutsche marks to £1 N.Z. .. 11.76 11.52 Noumea— Francs to £1 N.Z. — 171.82 Papeete— Francs to £1 N-Z. — 171.82 Manila— Pesos to £1 N.Z. 5.63 5.50 Hong Kong— N.Z. pence to dol. 14 43-64 15 19-64 India- _ N.Z. pence to rup. 17 29-32 18 11-32 Ceylon— N.Z. pence to rup. 17 29-32 18 13-32 Pakistan— N.Z. pence to rup. 17 29-32 18 11-32 Singapore— N.Z. pence to dol. 27 11-16 28 37-64 Italy— Lire to £1 N.Z. .. 1764 1729 AustriaSchilling to £1 N.Z. 72.95 71.47