PHILLIPS OIL PROSPECTS
Good Profits Expected
Phillips Oil Products, Ltd., new Australian off-shoot of Phillips Petroleum Company, of the United States, expects to make satisfactory profits after its second year of marketing. “Dividends will be considered at that time,” the prospectus states. Lists for the public issue at par of 1.780.000 5s ordinary shares and £400.000 in 9 per cent, registered first mortgage debenture stock will open on Monday.
Shares are payable in full on application on or before June 23. Debentures which have a currency of seven or 10 years are also payable in full on application on or before November 24. Half The Capital The public share issue represents half the company’s initial capital of £890.000, the remaining 50 per cent, of which has been issued for cash to Phillips Petroleum Australia Pty., Ltd., a wholly owned subsidiary of Phillips Petroleum Company. of Oklahoma, United States. Funds from the issue .will be used to complete an ocean terminal at Brisbane and to establish a chain of bulk and service stations in Queensland and northern New South Wales.
The company’s first shipment of refined petroleum is exported to arrive within )2 months. Sales will start im■nediately thereafter.
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Bibliographic details
Press, Volume C, Issue 29523, 26 May 1961, Page 17
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198PHILLIPS OIL PROSPECTS Press, Volume C, Issue 29523, 26 May 1961, Page 17
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