Company News BRAMBLES TO MAKE NOTE ISSUE

Press, Volume XCVIII, Issue 29070, 5 December 1959, Page 16

Company News BRAMBLES TO MAKE NOTE ISSUE

(N.Z. Press Association—Copyright) SYDNEY, December 3. Brambles Industries, Ltd., proposes to make an issue of 5s ordinary shares at a premium of 5s to share and 8 per cent, to note holders at January 11. The basis is two for five stock units and/or 8 per cent, registered unsecured notes held. One 7s 6d note will count as equal to one 5s stock unit. Directors expect to maintain a 20 per cent, dividend rate on the increased capital. New shares will rank for dividend from January 1.

DOMINION BUILDERS’ YEAR * Loss Reduced Net loss of Dominion Builders’ Supplies (Christchurch), Ltd., is confirmed at £596 for the year ended April 30. This result, which was announced earlier this week, compares with a loss of £3384 the previous year. No dividend is recommended. Regretting th£ delay in the presentation of accounts, directors say that it was occasioned by investigations carried out at the instigation of the auditors shortly after last year’s annual meeting. The directors’ report states that the parent company again absorbed a loss suffered by Okuku Mills, Ltd., which is still having trading difficulties through the lack of available bush. As a result of economies and reorganisations the subsidiary’s loss was reduced from £67os’in 1958 to £3873 in the latest year. The parent company’s gross trading profit rose from £6363 to £7304. Salaries and administration charges were cut from £8859 to £7135. Depreciation provision was £483 against £547 the previous year. The balance-sheet shows that sundry creditors are up from £2523 to £5595, while bank overdraft has been reduced from £12,443 to £6716.

General reserve is steady at £BOOO, as is replacement reserve at £lOOO. Trade debtors are up from £10,681 to £11,983 and stocks have been reduced from £31,440 to £27,351. Investments (in Okuku Mills) are unchanged at £7OOO. Fixed assets have been written down from £11,012 to £10,540.

Nock and Kirby.—Business of Nock and Kirby, Ltd., Sydney, indicated ecord sales for the current year, said the chairman, Sir Norman Nock, at the annual meeting. Group sales to date were well above the sales at the corresponding stage last year Outlining further expansion. Sir Norman Nock said the business and freehold of E. Cole, at Liverpool, had been acquired and good business should, result. Once again the premium on the company’s shares would be used in the purchase price. Motel Corporation Issue.—Motel Corporation (Aust.), Ltd., which plans to build a motel chain in Queensland, proposes to make a public issue of 990,000 5s shares. Balance of flotation issue of one million shares, namely 10,000 shares, is reserved for directors and subscribers.