L.N.C Ind. Made £421,094 In Selling VW Interests

Press, Volume C, Issue 29524, 27 May 1961, Page 16

L.N.C Ind. Made £421,094 In Selling VW Interests

L.N.C. Industries. Ltd, a Volkswagen and Rover distributor. discloses capital profit of £421.094 as a result of the sale of its interest in Volkswagen (A/asia) Pty. Ltd, to Volkswagen AG. This 12j per cent, interest was acquired in 1958 when the Volkswagen manufacturing company was formed to make its vehicles in Australia. The sale in no way affects LN.C.’* existing distributing rights for Volkswagen vehicles, directors state. Proceeds will be employed in the business. Because of the sale, no call will be made on the company’s contributing ordinary shares before next December 31. These 5s shares, now paid to 2s, were issued last November. on the basis of 2-for-3 held, at a premium of Is 3d a share. Total of 3s 9d a share is outstanding, including 9d premium. Longest Notice Directors say the longest possible notice will be given

to shareholders if a call becomes necessary later. Present paid capital is £1.142,309. including £30,000 5 per cent preference. UN.C. fhas acquired 785.259 £1 shares, equal to one half of the paid capital of Greg Cusack Holdings Pty. Ltd, Canberra. Purchase price of £74,800 has been satisfied by the allotment of 178,000 L.N.C. 5s ordinary shares at a premium of 3s 6d. Allotment price of 8s 6d a share compares with latest market price of 8s Bd. Greg Cusack Holdings owns premises at Braddon and Fishwick. Its wholly owned subsidiary, Greg Cusack Pty. Ltd, which holds the exclusive vehicles throughout the A.C.T, is operating profitably. LN.C. directom consider the investment “win be most beneficial to the company." Motor Special tie*.—Mr C. C. Haswell has been appointed a director.—(PAJ