Company News CHEVRON Q’LAND

Press, Volume CI, Issue 29726, 20 January 1962, Page 15

Company News CHEVRON Q’LAND

£lm Offer For Shares

(N-Z. Press Assn.—Copyright) MELBOURNE, Jan. 19. Chevron Queensland, Ltd., today issued to the Stock Exchange the terms of tihe joint offer for the company’s issued capital received from I.A.C. (Holdings), Ltd., and Commercial and General Acceptance, Ltd. The offer is worth 4s IOJd a share, just on Elm for the company. Offer details are:— £6 13s in cash, 12 fully paid 5s ordinary shares in I.A.C. (Holdings), Ltd., and 17 fully paid 5s ordinary shares in Commercial and General Acceptance, Ltd., for each 100 fully paid ordinary 5s shares in Chevron Queensland, Ltd. For shareholdings not divisible into even 100’s a cash payment of 5s a share for the uneven part is offered. Shares issued by I.A.C. (Holdings), Ltd., and Commercial and General Acceptance, Ltd., will rank for dividend from January 1, last.

No Options

A condition of the offer is that a binding agreement shall be obtained by Chevron Queensland, Ltd., from any persons or persons who hold options to take up shares in the company, including in particular, Stanhill Consolidated, Ltd., not to exercise these options while the scheme is being considered by shareholders and in the event of the take-over being successful, the options will lapse and be released. The offer is subject to 90 per cent, acceptance by February 18.

Planet Oil Issue Oversubscribed

It is nuderstood that the public issue of 8 million 5s shares by Planet Oil Company, N.L., has already been oversubscribed. As previously announced, the Colonial Sugai' Refining Company, Ltd., will take 400.000 of the shares and will also have an option over shares held in reserve to enable it to hold 30 per cent, of the issued capital. The company will acquire all the issued capital of Planet Exploration Company, Pty., Ltd., which has completed preliminary geological and geophysical surveys of its concessions.

Another oil company, Beach Petroleum, N.L., is expected to be floated shortly, with a nominal capital of £4 million. The company is expected to issue about 4 million shares of 5s each paid to 2s, of which 1 million will be available for public subscription.

Charrington Move In Victoria

(N.Z Press Assn.—Copyright! MELBOURNE, Jan. 16

Charrington and Company (Australia) Pty., Ltd., has been registered as a new company in Melbourne. Its principal objects are named as brewing and manufacturing of beer, ale, porter, wine, and spirits, etc. Nominal capital is £5OOO in £1 shares. Directors are Peter Balmford and Rosemary Anne Norris, solicitors. Mr Balmford today declined to add to this information.

Asked whether forming the company was a start, with the possibility of increasing the capital later if desired, he said: “That is a fair inference.”

Consol. Zinc And New B.H. Output

Combined output of zinc by Consolidated Zinc Corporation and its associate. New Broken Hill Consolidated, Ltd., eased slightly for the year ended December 31. Total production was 280,524 tons against 282,214 in 1960 A fall of 8843 tons in output from the Zinc Corporation was almost offset by a rise of 7153 tons in New Broken Hill output. Both companies reported reduced production of silver and lead

Ore tonnage treated by New Broken Hill was 21,000 tons higher than in 1960. but Zinc Corporation treated 80.000 tons less.

N.Z. Refrigerating Dividend Down

Directors of the New Zealand Refrigerating Company. Ltd.. Christchurch, recommend the payment of a dividend of 8 per cent, for the year ended October 31. 1961. Last year dividend was raised from 8 per cent, to 10 per cent, by the inclusion of a 2 per cent, bonus.