Company News BID FOR MACKY LOGAN

Press, Volume XCIX, Issue 29239, 24 June 1960, Page 19

Company News BID FOR MACKY LOGAN

Offer Being Considered

(New Zealand Press Association) AUCKLAND, June 22. An offer to purchase the £85.000 share capital of Macky, Logan. Caldwell, Ltd., Auckland, has been received by the directors of the company and will be submitted to the shareholders soon. The chairman of directors (Mr H. M. Rogerson) said today that the directors’ advice to shareholders was not to sell while the offer was under consideration. Mr Rogerson said he was not y?t in a position to say who the bidders were, as they would first have to let their own shareholders know their proposal. The offer could have an effect on the share values of the offering company. Negotiations had been going on for some time, he said, and finality on the offer had been reached only today. It is understood, however, that the offer does not come from an Auckland company. Macky, Logan, Caldwell, Ltd., established in 1881, is well known throughout New Zealand as a softgoods warehousing company. It has an authorised capital of £lOO,OOO and an issued capital of £85.000.

The company’s net profit for the year ended January 19, 1960, dropped to £5266 con.pared with £8123 the previous year and a net loss of £5049 in 1957-58.

This year it paid a steady final dividend of 3 per cent, on May 24, making 6 per cent, for the year. The £1 shares were last traded on the Auckland Stock Exchange on May 30 at 275. At the beginning of last year they stood at 19s 6d.

Special Bonus Dividend By Henry Berry

(New Zealand Press Association) WELLINGTON, June 23.

Henry Berry. Limited, Wellington merchants and distributors, directors announce a final dividend of 5 per cent., making 10 per cent, for the year, plus a special bonus dividend of 2j per cent.

Dividend is payable on August 1, ex dividend July 4. Henry Berry’s dividend has been steady at 10 per cent, for several years past.

J. J. Niven Dividend 9 Per Cent.

(New Zealand Press Association) WELLINGTON, June 23

Directors of James J. Niven and Company, Ltd.. Wellington engineers and merchants, recommend an annual dividend of 9 per cent. Last year’s 9 per cent, included a 1 per cent, bonus. Dividend is payable August 12, ex dividend August 1. Tax paid profit is £90,552, against £96,483 last year. Transfer to general reserve is an unchanged £25,000. The dividend absorbs £58,500, the same as last year, while carry-forward is £70.363, compared with £62,659.

Bank Rate Rumour

Dispelled (New Zealand Press Association) AUCKLAND. June 22.

The rumours which were rife in London immediately before last Thursday concerning a possible rise in Bank Rate to 6 per cent were temporarily dispelled on that day when it was announced that there was no change. It is considered in some quarters that bank rate action may now be held in reserve until the English autumn, when seasonal factors usually operate against sterling. However, the domestic situation may necessitate an adjustment in the level of interest rates before then, says the National Bank of New Zealand in its foreign exchange review.