COX BROS.’BID FOR GEORGES

Press, Volume XCIX, Issue 29339, 19 October 1960, Page 20

COX BROS.’BID FOR GEORGES

Another Offer To Be Made Cox Brothers (Australia), Ltd., has told shareholders of Georges Holdings, Ltd., that when the reorganisation of Georges capital is completed a new offer will be submitted comparable with the original offer. (Georges is making a bonus issue of 10s ordinary shares in the ratio of one-to-two held at October 19. It is then proposed to split the 10s shares into 5s units.) The chairman of Cox Bros., Sir Frank Richardson, said that the bonus and share split decisions by Georges had confused many shareholders. Cox Bros, had decided not to proceed at this stage with their offer of September 21, which was 55s cash a Georges 10s share or 63s on a scrip exchange basis. Georges Holdings, Ltd. board said that the circular from Cox Bros., commenting on Georges’ letter to shareholders of October 5. contained nothing which impaired the validity of the Georges’ statements or in any way affected the board’s recommendation to shareholders to reject the Cox offer. ASSOCIATED PULP AND PAPER Lower Profit For Second Half Year (N.Z Press Association—Copyright) MELBOURNE, October 18. Intense competition—which forced Associated Pulp and Paper Mills, Ltd., to reduce prices in April—and higher costs, brought lower profit margins in the second half of 1959-60. Directors say in the annual report that sales, however, were at a very satisfactory level—£3m higher at a record £17,900,000. Order books for the current year continued to be full, they add. The company modified its 20-year-old distribution and marketing policy during the year because of intense competition from overseas after modification of import controls. It now distributes its products through a large group of major Australian merchants "who handle only limited amounts of competitive papers,” directors say. Group .profit, previously published, eased from £1,517,517 to £1,491,518.

Gadsdens Australia Profit Up 20 p.c.

(N.Z. Press Association—Copyright) MELBOURNE, October 18. J. Gadsden, Australia, Ltd., big canister-making group, lifted profit by about 20 per cent, to a peak £628,786 in the year to June. Ordinary dividend is repeated at 8 per cent., but is payable on higher capital. Latest result compares with £ 524,030 last year, and is reached after higher provisions. Final 4 per cent, will be paid on December 7. Gold Dredge Returns (New Zealana Press Association) GREYMOUTH, October 18. A recovery of 1289 ounces of gold was recorded by the two dredging units of Gold Mines of New Zealand, Ltd., for the halL month ended October 15. Arahura had the best of the working and recovered 837 ounces from 139.000 yards in 230 hours. Kanieri had a haul of nearly half this amount. It worked over 167.000 yards in 216 hours to win 452 ounces. G. Bowron Dividends.— Guthrie Bowron. Christchurch, paint, wallpaper, leather and grindery merchants, first and final ordinary dividend of 2J per cent, (unchanged); final preference dividend of 21 per cent, (making 5 per cent, for year unchanged)(P. A.) Personal.—Mr George A. Woolier, managing-director of the Pye group of companies in New Zealand, has been appointed an overseas director of Pye, Ltd., of Cambridge, England. Mr Woolier was previously an executive director of the parent company and is a director of many of the Pye companies and their associates in Australia. SIR JOSEPH G. D. WARD. Bt. Stock and Share Broker (Member Chch Stock Exchange) 141 Hereford street. Christchurch •Phone 77-905. P.O. Box 603. Commercial Bank Chambers —Advt ft H MITCHELL AND SON (R. D’K. Mitchell Member Christchurch Stock Exchange) 135 HEREFORD STREET Christchurch Phone 60-134: P.O Box 429. Code Address: "Espadas.*’ —dvt