R.M.C. IN U.K.

Press, Volume CI, Issue 29824, 17 May 1962, Page 17

R.M.C. IN U.K.

Share Issue To Public

Directors of Ready Mixed Concrete, Ltd.. Sydney, announce that the company’s British subsidiary. Ready Mixed Concrete, (U.K.), Ltd., will issue 750.000 5-s shares to the British public at a premium of 19s a share.

The company is also efferrtg 250,000 shares to be subscribed -for in Canada on the same te.ms.

Proceeds At the issue will be used for expansion in the United Kingdom and certain >f the company’s overseas developments. Ready Mixed Concrete, Ltd., through its wholly owned subsidiary, RM.C. Transport (NJS.W). Proprietary, Ltd., owns 2,460.000 5s ordinary shares which will represent 52 7 per cent, of the equity of. the English company after the two current issues

Directors of the English company believe that profits for the current year will be about £600.000 sterling before tax. of which it is estimated £550,000 sterling will be earned in the United Kingdom.

Profit and income tax at £322,500 would leave a net profit of £277,500. Interim dividend was 10 per cent, and directors expect to pay a final at the same rate. Thia will take

Earning rate after tax on the new capital will be approximately 23-8 per cent-

Q.M. Dividend 12| p.c.

Directors of Quill, Morris, Ltd., recommend a final dividend of 7J per cent., making 12J per cent, for the year, ended March 31. Total dividend (including 24 per cent, bonus) for the 14 months ended March 31, 196 L was 15 per cent. Ex dividend date is June 4.

Wool worths, Ltd.—Woolworths, Ltd.. Sydney, has issued 600.000 5s ordinary shares at a premium of 5s a share to employees. Of this total. 61,000 shares were issued to eight working directors.