AMPOL SHARES IN LONDON

Press, Volume XCVIII, Issue 29008, 24 September 1959, Page 19

AMPOL SHARES IN LONDON

Comment On Suspension

“Sour grapes” was the comment of the managing director of Ampol Petroleum (Mr W. G. Walkley) on the London Stock Exchange jobbers’ suspension of dealing in his company’s shares on Monday. “Only last Thursday they offered to make a private placement in London on the same 'erms as the private placement by a firm of Australian brokers.” said Mr Walkley in Sydney. “It was not until we rejected their offer that any problem arose in London. “In spite of their action we have no intention of making a private placement in London.”

London jobbers refused to deal in Ampol shares because the company had made a private placement of 1,000,000 shares at a premium in Australia.

“Force Majeure

Of Jobbers”

“The very nasty aspect of the London jobbers’ tactics is that they have apparently exercised force majeure against Ampol without any authority from their Stock Exchange committee.” says the financial editor of the “Sydney Morning Herald.” “Since the jobbers who, on Mr Walkley’s statement, directly sought a part in the placement as recently as five days ago, might then have been able to make more substantial and personal profits from it than the Australian broking house which simply took a commission of 6d on the shares and passed them across to its clients, the whole affair has the aspect precisely of an unlovely bunch of sour grapes.”

Loan, Mercantile Profit Raised <N Z Pres.* Assocrntton- copyrroMi MELBOURNE. September 23 The New Zealand Loan and Mercantile Agency Company Ltd., increased group net profit from £310,146 to £332,476 in the year to June, and held its ordinary dividend at 12 per cent. Total dividends, including preference, require £160,781. Profit is after £280.714 (previ ously £283,244) for tax. It excludes tax adjustments of previ ous year of £72,826 < £205.602) now brought into account. The main appropriation is £150,000 tr general reserve. WATTIES RAISE DIVIDEND Two Per Cent. Bonus For Jubilee (New Zealand Press Association/ WELLINGTON, September 23. J. Wattie Canneries. Ltd., is adding a 2 per cent, jubilee bonus to its steady 8 per cent, annuadividend, making a total of 10 pei cent, for the year to July 31.

In 1956 dividend was cut from »6 per cent, to 5 per cent. In 195) the rate was restored to 6 pei cent, and a 1 per cent, bonus was added. In 1958 8 per cent, was paid.

A meeting of shareholders will be held to consider proposals to increase authorised capital by £675,000 to £1.500.000 and to issue 175.000 £1 shares at a premium.

SMITH AND SMITH PROFIT STEADY

tNew Zeolflao Press Association WELLINGTON. September 23. Group net profit of Smith and Smith, Ltd., paint manufacturers. Wellington, for the year to June 30. 1959. was £96.206 against £96.176 the previous year. Profit is reached after provision of £54,912 <£64.066) for depreciation, £23,216 (£22,545) for superannuation subsidy and £ 100.100 (£101,229) for taxation and after deduction of £1295 (£1295) for minority interests. Allocations are: preference dividends, £2567 (£6050), ordinary dividend of 10 per cent. £42.000 (same), general reserve £40,000 (same).