Company News Bing, Harris’ Two Offers

Press, Volume XCIX, Issue 29271, 1 August 1960, Page 16

Company News Bing, Harris’ Two Offers

(New Zealand Press Association) WELLINGTON, July 31. Mr J. L. Griffin, joint govern-ing-director of Bing Harris and Company, said today that in view of the acceptances already received his company had decided, in terms of its offer, to complete without delay purchases of Macky Logan shares. A notice to this effect was being sent to every Macky Logan shareholder. Those accepting the Bing Harris “A” offer would be entitled to receive 12s 6d cash, plus seven Bing Harris 5s shares for each Macky Logan share. Those accepting the Bing Harris “B” offer would be entitled to receive £3 2s 6d cash. Greyhound Buses Profit (New Zealand Press Association) WELLINGTON, July 31. Net profit of Greyhound Buses, Ltd., Wanganui, for the year to March 31, 1960, was £3041, against £3401 the previous year. The result is reached after provision of £4769 (£4646) for depreciation, and £2497 (£2566) for tax. Steady dividend at 5 per cent, takes £1966. Carry-forward is £3084 (£2510). Paid capital is unchanged at £39,320. Shareholders’ funds amount to £46,433 (£45,359). Staiihill Issue Filled.—Stanhill Development Finance, Ltd.’s issue of £750,000 in ordinary 5s shares and £2 million in 74 per cent, registered unsecured notes opened and closed yesterday, fully subscribed. The success of the £2l million Issues was announced by the chairman (Mr S. Korman).—Melbourne, July 28. Melbourne Steam. Melbourne Steamship Company, Ltd., reports a rise in profit and dividend for the year to June 30. Profit for the year rose from £25,996 to £51,536 after undisclosed taxation and depreciation. Ordinary dividend for the year is up from 8 to 12 per cent, with the payment of a final dividend of 7 per cent. Pye Industries.—Pye Industries. Ltd., Melbourne, maker, importer and distributor of wireless and television sets. has raised its dividend from 7 to 10 per cent, for the year ended March 31. Profit for the year rose £18,791 to £279,04* after providing £256335 for tax.—(NJ!-PA.) Reed Paper Bld.—Albert E. Reed and Company. Ltd., London, has received acceptances of more than 90 per cent, of the shares of Paper Products (Holdings). Pty„ Ltd.—the parent company of the Australian packaging group. Paper Products. Pty., Ltd. The company’s name is to be changed to Reed Paper Products (Holdings). Ltd., and win have a new board of directors.—(NXJ*-A-)