Company News WHITCOMBE AND TOMBS

Press, Volume XCVI, Issue 28422, 31 October 1957, Page 19

Company News WHITCOMBE AND TOMBS

Bonus Issue Of One For Four

Whitcombe and Tombs. Ltd., propose a bonus issue of one share for every four held.

Directors recommend that the 200.000 unallotted shares be allotted to shareholders on the register on November 22. The capital is to be paid up “by capitalising the share premium account of £62.500, and also £37,500 from reserves.” They add “It is contemplated that the present dividend rate may not be maintained on the capital as so increased.”

In September last year nominal capital was increased from £350,000 to £500,000 by the creation of an additional 300,000 ordinary shares of 10s. At that time 100,000 shares were issued, in the ratio of one for seven held, at a premimum of 12s 6d each (thus establishing a share premium account of £62,500).

Last year’s increase brought paid capital to £450,000, apart from £4522 in staff shares The new issue will raise it to £562,500. General reserve stood at £220,000 at August 31, 1956. The 1956-57 accounts are due to be distributed shortly.

J. GADSDEN ACCOUNTS

Big Increase In Depreciation

(New Zealand Press Association) WELLINGTON, October 30.

Net profit of J. Gadsden and Company, Ltd., for the year ended June 30 was £3052 lower at £44,039. This was reached after providing an extra £12.250 depreciation, a total of £36,122 for the year. Taxation takes £45.732 against £48,765 previously. J. Gadsden (N.Z.), Ltd., the holding company, received from the operating company dividends for the year ended September 30 totalling £18.250 (down £2250).

After deducting expenses and including the £15.153 brought forward. the holding company had £33.484 in the appropriation account.

Preference dividends have taken £6250, and the interim ordinary dividend £6OOO. Of the balance of £21.234 the directors recommend the payment of a final ordinary dividend of z 4 per cent. ' making 8 per cent., unchanged, for the year), leaving a carry forward of £15.234.

LOMBARD OFFER APPROVED

(Npu> Zealana Press Association) WELLINGTON. October 30.

The shareholders of the New Zealand Guarantee Corporation have, by a majority, supported the directors in a take-over offer by Lombard’s, of London.

Before the annual meeting today the directors had recommended shareholders to accept the offer of 2s 10£d for the 2s fully-paid shares. The chairman, Sir William Appleton. announced he had brought to the meeting 100.000 votes by way of proxies, thus ensuring that the negotiations the directors had been making would be completed. The market price of the shares has remained at 2s 2d for some time. Lombard’s price of 2s IOId will be ex div. The company is expected to continue operations under the same name. The company. with headquarters in Wellington. has handled motor finance for over 33 years and more recently household appliance finance.

TATTERSFIELD TWO FOR ONE ISSUE

(New Zealand Press Association) WELLINGTON, October 30.

Tattersfield. Ltd., bedding and carpet manufacturers. Auckland, propose a two for one fully paid s’ are issue to members on the register as at November 22. the date of the annual meeting. Net profit for the year to September 19 rose £4446 to £19.286. after declining in the three previous years from the 1953 peak o f £31,618. The latest profit is reached after tax provision of £21,000 (un £5800) and denrecia-U-n of £15.643 (down £3217). Ordinary dividend is steady at 17| per cent-, requiring £9625. A transfer of £lO,OOO is made to reserves, which were not increased last year.

Gross profit increased from £94.230 to £111.489 and dividends from investments from £352 to £723. Expenses rose from £41.266 to £51.453. Unappropriated profits are £339 lower at £33.483,

The chairman (Mr James W. Tattersfield) says in the directors’ report that delays in transport and rising freight costs are detrimentally affecting sales of the company’s products { n the southern portion of the North Island. Because of this the directors decided to establish a bi ?n°h factory at Woodville. Construction h s begun and it is hoped that the plant will be in production ecrly in 1958.

Vibrapac Blocks Dividend Up

Vibrapac Blocks. Ltd., concrete masonry manufacturers. Christchurch. are raising the interim dividend from 3 per cent, to 4 per cent. The dividend is payable on November 11, ex November 9.

Directors report that sales and profits in the six months to September 30 were ahead of the figures for 19*56:

Last year’s interim dividend of 3 per cent, was followed by a final payment of 4 per cent.

Griffin and Sons.—Mr A. R. Dyson has resigned from the board, and Mr Denis J. Griffin has been appointed in his place.—(P.A.) Henry Jones Co-op.—A final dividend of Is 6d a stock unit is recommended, making 2s. or 10 per cent, (unchanged), for the year. Dividend is payable on December 17, ex December 3. (P.A.)

Alloy Steel.—An unchanged interim dividend of 3J per cent, is payable on November 1 to shareholders registered on October 30. Total payment, including bonus, last year was 13 per cent.—(P.A.)