Company News CHEVRON Q'LAND

Press, Volume CI, Issue 29728, 23 January 1962, Page 17

Company News CHEVRON Q'LAND

Amended Offer Recommended (NJ!. Press Assn— Copyright) MELBOURNE, Jan. 22

Directors of Chevron Queensland, Ltd., today decided to recommend the terms of an amended offer for the company to shareholders and will accept the offer for themselves. After further negotiations between the company and I.A.C. (Holdings). Ltd., and Commercial and General Acceptance, Ltd., the offer was increased from £6 13s to £7 2s 8d per 100 shares. The share side of the offer will remain as originally proposed. The offer now recommended to shareholders is equal to a little over 4s Ud a share, worth about £1 million for the company. The forms! offer to shareholders will be made not later than February 28.

Beach Petrol

To Make Issue

Beach Petroluem. N.L., filed its prospectus in Melbourne on Friday The issue consists of 3.745.000 5s shares, payable 2s a' share on application. The balance will be in calls of a maximum of Is at intervals of not less than three months, directors expect. Underwriting brokers have taken firm 2.745.000 shares. The balance of one million shares will be made available to the general public. Initial exploration activities are planned in areas of South Australia and the Northern Territory.

Sydney underwriters are Ralph W. King and Yuill.

U.S. Newsprint Consumption

(N.Z. Press Assn —CobvrioM) NEW YORK, Jan. 21. Newsprint consumption in 1961 totalled 7,330,188 tons—slightly under 1960’s record, the American Newspaper Publishers’ Association said on Friday. Newspaper used 74.5 per cent, of that total. Newsprint used by newspapers last year was 1.3 per cent, below the 1960 total tonnage, but 2.5 per cent, over 1959 figures.

A.P.M. Dividend Up.—Australian Paper Manufacturers, Ltd., reports that the improvement in demand for the company’s products reported at the annual meeting in September has continued Sales and profits for the halfyear to December 31 were materially better than for the January-June period, although not as good as in the half-year to December 31. 1960. Interim dividend has been raised from 7.2 d to Bd. and will be paid on April 30. Final dividend las* year was 5 per cent., making 8 per cent, for the year.