£240,065 BID FOR SPEEDWAY

Press, Volume XCIX, Issue 29336, 15 October 1960, Page 11

£240,065 BID FOR SPEEDWAY

National Electric Offer

(New Zealand Press Association) AUCKLAND, October 14. The National Electrical and Engineering Company, Ltd., Wellington, has made a take-over offer worth £240,065 for Speedway Products, Ltd., Auckland, engineers and die casters. The offer comprises an exchange of shares or, alternatively, a cash bid. Speedway directors have recommended acceptance of the offer, the chairman (Mr* W. J. Truscott) told shareholders at the annual meeting in Auckland today. "Attractive” The share exchange, details of which are not yet available for release, could be very attractive.

Mr Truscott told the meeting. The cash offer is 24s 6d for each ordinary fully-paid £ 1 Speedway share and 21s 6d for cumulative preference and B preference fully-paid £1 shares. The offer is open until November 21 and is subject to acceptance by 75 per cent, of Speedway shareholdersThree months ago, Speedway was the subject of a £196,710 cash bid from an undisclosed New Zealand group. The bid failed to eventuate. • Speedway shares were traded at 18s 6d on October 6. Highest point this year was 20s and lowest 15s.

S. OTAGO FREEZING

PROFIT UP

Rise Of £37,044

Shown

Accounts of the South Otago Freezing Company Ltd., Balclutha, confirm the preliminary announce-" ment that net profit for the year to August 31, was £78,848, against £41,804 the previous year. The result is reached after provision of £38,002 (£37,291) for depreciation and £79,304 (£47,677) for tex. . Dividend of 10 per cent, takes £25,000 and bonus of 5 per cent. £12,500 (last year, dividend of 8 per cent. £15,304, bonus of 2i per cent. £4783). Transfer to general reserve is £40,000 (£25,000) and carry forward is £20,626 (£19,278). Paid capital is unchanged at £250,000. Shareholders’ funds amount to £545,843 (£504,495). Balance-sheet figures show current assets £222,093 (£350,351); current liabilities £328,071 (£408,257); fixed assets £676,913 (£598,301); fixed liabilities £75,000 (£75,000), and investments, £49,908 (£39,100).

Kauri Timber Profit Jumps Sharply (N.Z. Press Association—Copyright) MELBOURNE, October 14. Kauri Timber Company, Ltd., improved earnings sharply m the year to August 31 when consolidated net profit jumped from £257,466 to £355,647. The result was after £354,009 (previously £214,448) tax. provision. Ordinary dividend is held at 8 per cent, by a final 5 per cent. The directors comment that operations have further improved since the balance date and that this improvement should be maintained for the balance of the year.

Today’s figures are from a preliminary report and are subject to final audit.

SHAW, SAVILL DIRECTOR (New Zealand Press Association) WELLINGTON, October 14. Mr Frank D. Harris, general manager for New Zealand of Shaw, Savill and Albion, Ltd., has been appointed a director of the company. Mr Harris, whose family before him has had a long association with shipping, joined the Shaw, Savill Line in 1925 and was appointed chief accountant in 1945, and assistant manager in 1946. He was appointed manager for New Zealand in 1951, and became general manager here in 1958. He will return on Sunday from a visit to the United Kingdom on the Corinthic.

Wiseman’s Holdings Net Profit Drops

A decrease of £7790 to £13,231 is shown in the consolidated net profit of Wiseman’s Holdings, Ltd, Auckland, for the year ended March 31.

The reduction in net profit is described by the chairman of directors, Mr John Grierson, as being due principally to a reduced gross profit realisation in some retail departments and also to reduced hire-purchase income.

S.PAN.Z. Offer For Allotment

(New Zealand Press Association) AUCKLAND, October 14. The directors of South Pacific Airlines (N.Z.), Ltd, announced today that appEcations for shares received to date ensured that the company will go to allotment Subscriptions opened on July 11 for 428,000 ordinary 5s shares.