ALUMINIUM CO. TAKEOVER

Press, Volume XCIX, Issue 29383, 9 December 1960, Page 21

ALUMINIUM CO. TAKEOVER

Consolidated Metal Offers £152,886 (New Zealand Press Association) AUCKLAND, December 7. Consolidated Metal Industries, Ltd., Auckland, has made an offer worth about £152,886 in shares and cash for the entire capital of the Aluminium Company of New Zealand, Ltd., Auckland. Aluminium directors recommend acceptance. Consolidated Metal will apply for listing of its ordinary shares early next year. The company will first make a bonus issue to ordinary shareholders and note holders. Details of the offer, announced by the chairman of the Aluminium Company of New Zealand (Mr L N. Ross) today, are: One £ 1 Consolidated Metal ordinary share and one £1 Consolidated Metal preference share ,5f per cent, participating to 6 per cent.) for every two of the Aluminium Company’s 84,100 £1 ordinary shares. One Consolidated Metal preference share plus 5s cash for each of the 12,500 Aluminium of £1 preference shares.

R. and E. Tingey.—-The interim dividend of 3 per cent., announced on Tuesday, refers to the "A” preference shares, not ordinary shares. — (P.A.) Massey-Ferguson (Aust.).-—Group profit rose 19.5 per cent, from £841,333 to £1,005,948 after excluding £57,971 (previously £6157) from sale of capital assets. Sales of the group jumped 21 wsr cent, from £12,530,004 to £15,145245. Profit for the year represented 7 per cent, of total sales. Dividends on the steady £2,566230 ordinary capital took £475,000 (£586,995)—a drop from 22.75 to 18.5 per cent.— (N.Z.PA.)

Motor Traders Deal.—Motor Traders (New Zealand), Ltd., Auckland, has bought the shares in Automotive Reconstruction (Auckland), Ltd., which has its plant and buildings in Hobson street. No purchase price has been disclosed. Automotive Reconstruction, which was founded 30 years ago, is engaged in motor engineering and reconditioning. It will continue to be managed separately from Motor Traders.—(PA.) Factors. —Shareholders of Factors, Ltd., investment and finance company, will be asked at the annual meeting on Friday to increase nominal capital from £5 million to £l5 million. Directors state that with the takeover of Holeproof Industries and Rockmans, Ltd., most of the unissued capital of the company has been allotted, and directors consider it necessary to have sufficient unissued capital available for Issue should the occasion arise.—(N.Z. PA.)