NEW DUNEDIN COMPANY

Press, Volume C, Issue 29557, 5 July 1961, Page 19

NEW DUNEDIN COMPANY

Aftermath Of Take-Over (N.Z. Press Association) DUNEDIN. July 4 The establishment of a new company with a nominal capital of £500.000 to be invested where possible in Dunedin and Otago has come as an aftermath of the takeover of the Dominion Rubber Company two years ago. The rubber company wa c taken over by the Cranleigh Group of Manchester- England, and this concern has been reconstructed to allow for the formation of Cranleigh Investments (NZ.). Ltd. Mr H. L. Gibson, a Dunedin solicitor, has been appointed chairman of directors of the new concern, the headquarters of which will be in Dunedin. The secretary is Mr W. R Sellar, who was formerly secretary of the Dominion Rubber Company. The nominal capital had been increased from £75.000 to '£500.000 in 5s shares, and the memorandum of association had been amended to allow the company to engage in investment on a long and medium-term basis. Mr Gibson said today This would be more particularly in the field of commercial. agricultural and industrial undertakings. Delighted

Mr Gibson said he had been delighted with the decision to make the capital available in this province. The company already had £150,000 available for investment. At a later date it was intended to offer shares for public subscription, but this would probably not be done for some months yet, Mr Gibson said. The Cranleigh Group has many commercial interests in the United Kingdom and other parts of the world.