TAKE-OVER BY HOLEPROOF

Press, Volume XCVIII, Issue 28926, 20 June 1959, Page 11

TAKE-OVER BY HOLEPROOF

Jacquard Textiles Control

(New Zealand Press

WELLINGTON, June 19. Holeproof Industries, LtdAuckland, has acquired a controlling interest in Jacquard Textiles, Ltd., Palmerston North, by the purchase of approximately 42,000 shares at 18s each in cash. Holeproof Industries is also prepared to buy the shares of any other Jacquard shareholder at 18s each. A letter setting out the offer is being prepared for circulation to shareholders.

This information was given in a statement made tonight by the chairman of Jacquard Textiles Ltd. (Mr C. M. Bowden), and another director, Mr N. Sibel. Earlier this year, the Melbourne investment and finance company, Factors, Ltd., acquired virtually all the ordinary capital of Holeproof Industries. Paid capital of Jacquard Textiles is -£75,000, all in ordinary £ 1 shares. The last balance sheet, to June 17, 1958, showed shareholders’ funds at £89,365.

Profit, covering 12 months for the subsidiaries and nine months for the holding . company, was £4423 against £2372 for the previous 12 months. A dividend of 5 per cent.—the first distribution since 1954—t00k £3750.

Last reported sale of Jacquard Textile shares was in April this year at 15s.

SEARCH FOR OIL IN AUSTRALIA

Government Gives

Top Priority

(N.Z. Press Association—Copyright) CANBERRA, June 19

Australia is giving the search for oil top mining priority, the Minister of National Development (Senator W. H. Spooner) said yesterday. The Government had already recognised the high priority for oil prospecting by obtaining permission from Parliament to spend a further £1,000,000 yearly on oil search over the next three years. Australia’s annual domestic consumption of petroleum products now exceeded 8,000,000 tons, and represented Australia’s greatest import.

AUSTRALIAN WOOL SALES Merino Values Fully Firm (N.Z. Press Association—Copyright) SYDNEY, June 18 Values were fulty firm for all descriptions of Merino fleece and skirtings at today’s Sydney wool sales. The Sydney Woolselling Brokers’ Association reported a clearance of 21,332 of the 21.590 bales on ofter Comebacks and crossbreds were in keen demand with comebacks in the sellers’ favour and crossbreds fully firm. The offering, which Included 3375 bales of comebacks and crossbreds, showed a fair degree of vegetable fault. Competition came from the Continent, Japan. Britain, and East Europe. Prices included: Good average 58’s, 54d per lb; good average 60’s, 64d; good average 58’s. 60d.