HOLEPROOF IND. YEAR

Press, Volume CI, Issue 29803, 21 April 1962, Page 15

HOLEPROOF IND. YEAR

Big Changes In Assets (N.Z.P.A .-Reuter—Copyright) MELBOURNE, April 19. Holeproof Industries, Ltdmade substantial changes in current assets during the financial year to December 31. This was revealed in the company's annual report released to the Stock Exchange yesterday. Stocks were reduced by £lO,OOO, whereas trade debtors were £63,000 higher than at the end of 1960. Other debtors, which included advances to the parent company, Factors, Ltd., increased by £684,000. The loan by Holeproof to Factors was £1,038,000 at the close of the year. On the liability side, bank overdraft increased by £382,000. Working capital fell from £1,602,693 to £1,463,133. During the year, the drive for efficiency was intensified and new ways of reducing operating costs and of obtaining better results generally were found, directors say.

Directors now feel that the company is better equipped to face' the future than it was at the end of 1960.

Vibrapac Offer Succeeds

Acceptances received on Thursday of the Vibrapac Blocks offer to Vibrapac (Otago) shareholders brought the total to 54,186 shares, the company announced on Thursday This represents 90.3 per cent, of the 60,000 shares not previously held by the Christchurch company, compared with 90 per cent, required to complete the merger. The company had previously announced that the closing date for acceptances had been extended until May 4.