Company News MALING PREF.

Press, Volume CI, Issue 29799, 16 April 1962, Page 18

Company News MALING PREF.

Redemption At Par

Directors of Maling and Company. Ltd., Christchurch wine, spirit and tea merchants. are offering to redeem half the present, preference shares at par and to raise the interest rate on the balance from 5 per cent, to 5? per cent. Preference shareholders were recently advised by the directors not to sell their holdings. Sales have been made this year and in 1961 at 16s 6d. Par value of the 40.000 preference shares is £l. ■‘The low return on preference shares, with consequent effect on the market value, has concerned the board for some time, but legal difficulties have intervend to prevent the company from increasing the dividend rate." says the chairman <Mr C. W. Evans) in a circular to shareholders. “It has now been decided to take steps to increase the dividend rate on preference shares to 5J per cent. In consideration of this, the preference shareholders are to be asked to agree to accept repayment at par of one half of their holdings, and to agree to conversion of the balance into 5} preference shares redeemable at par." The scheme has been approved by the Capital Issues Committee.

Membership Proposed.— The Foreign Affairs Committee of the Norwegian Parliament has recommended in a report that Norway ."'lould seek full membership of the European Common Market. —O»k>, April 13.