INNES IND. ISSUE

Press, Volume C, Issue 29638, 7 October 1961, Page 16

INNES IND. ISSUE

One-For-One Bonus (N.Z. Presa Association) AUCKLAND. October 6. Innes Industries, Ltd., Auckland, will make a one-for-one bonus issue from newly-formed capital reserves. The year to August 31 was a record one, consolidated net profit rising by £14.053, or 20 per cent., to £84,084. Turnover increased by £131.260 to £1.588.548. An extraordinary meeting will be held on October 28 to consider the proposed bonus issue. This will involve £250.000 and be made from the surplus, made on the recent sale of the shares in Consolidated Hotels to New Zealand Breweries, Ltd., and writing up the book value of subsidiaries. Nominal Capital Directors also propose to increase nominal capital by £450.000 to £BOO.OOO. Of the new shares, 100.000 will be issued to L' D Nathan and Company, Ltd. (as announced, L. D. Nathan will make an issue to the same value to Innes Industries) . The company's gross trading profit after depreciation rose 7.3 per cent, to £479,960

Email Div. Steady, Turnover Down (N.Z Press Assn. —Conunant) SYDNEY, October 6. Email, Ltd., is maintaining its interim dividend at 5 per cent, on ordinary stock, in spite of a fall in turnover. Directors state that turnover was adversely affected by general economic conditions, and restricted spending on home appliances. On the other hand, they say, the overall diversity of the group has helped materially to offset this position. There have been signs in recent weeks of improvement in home appliance sales, they add. Latest dividend is payable on November 3.