Company News MEAT PACKERS MOVE

Press, Volume CI, Issue 29907, 22 August 1962, Page 17

Company News MEAT PACKERS MOVE

Frozen Products

Support

Meat Packers (NZ.I, Ltd., proposal to convert its £1 debentures into 5s ordinary stock units has the full support of directors of Frozen Products. Ltd., holder of £50,000 of the debentures, end they have agreed to convert ths? whole amount as well as their own holdings. Meat Packers debenture conversion details, on the basis of 2J new 5s stock units for each £1 debenture, were announced just over a week ago. Frozen Products ' shareholders were told of their company's move in a circular from their chairman of directors (Mr L. N. Ross) yesterday Mr Ross told them that as their debenture holding in Meat Packers was derived from a Frozen Products distribution, the conversion had the full support of the directors.

Directors felt that Meat Packers' ordinary stock had a growth potential that would give far more benefits than debentures. “As a result of the conversion. Frozen Products will own 125.000 5s stock units in Meat Packers, but in view of the strong liquid position of Frozen Products directors have no plans for immediate disposal of these new holdings." Mr Ross says. “Should it ultimately become necessary to liquidate the investment for the purpose of using the funds in Frozen Products’ own business. your directors are confident that this step can be so arranged that it will have no major effect on the market value of Meat Packers shares,” he adds.

Drug Houses Aust. Year

(N.Z.P. A.-Reuter—Copyright) MELBOURNE. Aug. 21

Drug Houses of Australia. Ltd., public company for an Australia-wide drug manufacturing group, today reported a higher net profit of £1.070.170 for the year to June 30. and will again pay dividends totalling Illi per cent, for the year. The profit compares with last year's consolidated figure of £1.043,168.

Adelaide Steam Profit Rises

(N.Z P A.-Reuter— Copyright) ADELAIDE. August 21

Consolidated net profit of Adelaide Steamship Company Ltd., and its subsidiaries, rose 14 7 per cent from £261.845 to £300.267 in the year to June 30 Directors ■ announced the 1961-62 figure which is subject to final audit in a preliminary report. It remains after providing £98.753 for taxation (previously £138.277) and £448 008 for depreciation (£392.279). A final dividend of 3J per cent has been declared making 6j per cent for the year

New Companies

Among new companies notified in the current issue of the “Mercantile Gazette” are the following Christchurch companies:— C.N.W Enterprises. Ltd.—Private company. August 3: 351 Blenheim road. Christchurch. Capital, £6OO. Subscribers: S. J Cunningham 200. D. K Nesbit 200. G E. Whale 210. Objects: Deal in land and incidental.

Goodmans Catering Company. Ltd.—Private company. August 2: 58 Cashel street, Christchurch. Capital. £lOO. Subscribers: Christchurch —F. Goodman 75. N Guttmann 25. Objects: Refreshments, caterers, and incidental. Grant Carriers. Ltd.—Private company. August 6; C/o Burtt. McGillivray and Mann, public accountants. 153 HerefO'd street. Christchurch. Capital. £2OOO Subscribers: Christchurch—L. II Grant 5"0. W. I. Grant 1500. Objects: Cartage contractors and incidental. _ . Maw (B.) and Company. Ltd —Private company. August 3: C/o C. W. Talbot, solicitor. McM'l’an st’-eet. Methven. Capital, riooa Subscribers: Methven — P, Maw 496. J. H. Maw 4!M>. R B„ W. G A.. D. M.. H. J.. F, D . I J.. M. S.. and J. A Maw 1 each. Objects: Farming and incidental. Pinevale Timber Comnam ilnve’C-rgilD. Ltd - Priva'e company. August 7: C z o J. E. Kenvon". public accountant. 152 Snev street. Invercargill. Capital £2400. Subscribers: Invercargill—K. Kingi 1800 ordinary Christchurch—A. Murdoch 600 nreference. Objects: Sawmillers. builders, contractors, and incidental.

Senter (F.) and Comoany. Ltd—Private company. August 6: 134 Fi’her avenue. Christchurch. Capital. £5OO. Subscribers: Christchurch—F. Senter 499 A. J. Newman 1. Objects: Msn'farturers. wholesalers. and incidental.

Sbeed (F. G.). Ltd.—Private aompanv. August 9: C/o P. B and G A. Foote, public accountants. Stafford street. Tmaru Capital. £6OOO. Subscribers: Timaru —F. G. Sheer' 400 n A. F Sheed 1000. and N I. Sheed 1000 Objects: Garage proprietors and incidental. Sheed (F G ) and Sons. Ltd —Private company. August 7; C/o P B and G. A. Foote public accountants. T. and G. Bundin'’* Stafford street. Timaru r’anitat. £1 J 000 Subscribers' Timaru—F. G. Sheed 6000 ordinary 4 F Sheed 2000 ordinary N I Sheed ’OOO ordinary. F G. Sheed 4000 preference Objects: Cartage and general contractors.

INCRFASES IN CAPITAL Altov Steel iNZ.). Ltd . from £75 000 to £lOO 000. August 8 Boid (Cliff'. Ltd., from £950 to £2500. August 6. .... Fasteate Comrercil Metals. Ltd . from £3024 to £W24. Emms and T.e Gros. Ltd., from £3OOO to £4500. August 8. Gibsons and Paterson (SV). Ud.. from £5OOO to £ll.OOO. August 3. . , . Hobbvs M»nswear. Ud.. from C 3300 to £4OOO. August 8. Home Bakerw Ltd.. from £ll5O to £1650. July 26 Parkes (N. R>- Ltd., from £2OOO to £2BOO July 31. Stylex (N.Z'. Ltd.. from £l7 000 to £41.750. Au-’ust 9 Wairakei Cycles. Ltd., from £l3OO to £2OOO, Aueust 2. Wattle-iene Products. Ltd from £6OOO to £36.000. July 19

Unit Trust Quotes

Latest unit trust quotations are:— Buy Sell s. d. s. d. 1st N.Z. Unit •if 4 4 8 N.Z. Income • • 4 2 4 6 N.Z. Accum. 4 11 5 3 Invest. Unit 4 2 8 1st Dom • • 4 4 8 and Dorn • e 4 11 5 3 Mut. Fund 4 • 3 1