EXPANSION BY WOOLWORTHS

Press, Volume XCIX, Issue 29189, 27 April 1960, Page 21

EXPANSION BY WOOLWORTHS

25 Supermarkets Planned (N.Z. Press Association—Copyright) SYDNEY, April 26. Woolworths, Ltd., is planning further large-scale development in the current year. The acting chairman, Mr S. E. Chatterton, told shareholders at the annual meeting today that the current year’s programme already comprised: The establishment of 25 new stores, nearly all of which would be supermarkets; The enlargement of 12 trading stores; and, Erection of two meat ware houses. He said these activities must be added to the 17 stores recently taken over. 12 N.S.W. Stores Of the 25 new stores under construction, or proposed, two were in Victoria, 12 were in New South Wales, 10 in Queensland, and one in South • Australia. In addition to this expansion, the company would complete its large warehouse at Everton Park, Brisbane, he said. New modern factories would be erected in Sydney and Brisbane to process meat and smallgoods. Mr Chatterton said it also was proposed to enlarge 12 stores during the year. O.D.T. BONUS ISSUE The one-for-one bonus issue proposed by the Otago Daily Times and Witness Newspapers Company, Ltd., Dunedin, will be made as at May 20. according to a circular to shareholders. It will be made by capitalising £6OOO from share premium reserve, £34,000 from the writingup of the company’s premises, £45,926 from general reserve as at March 31, 1957, and £34,074 from the profit and loss appropriation account at the same d. te. The issue will double paid capital to £240,000. Authorised capital will first be increased from £175,000 to £350.000. As one-third of the issue will come from share premium reserve and from the writing-up of assets, this £40.000 will not be treated as a dividend to shareholders for income tax purposes. The remaining two-thirds comprises accumulated profits before March 31, 1957, and will be treated as non-assessable income in the hands of shareholders. These shares will be called B shares. The proposals to increase authorised capital and to make the bonus issue will be placed before shareholders at an extraordinary general meeting in Dunedin on May 20.