L.N.C. Proposes Capital Return

Press, Volume CII, Issue 30051, 8 February 1963, Page 15

L.N.C. Proposes Capital Return

L.N.C. Industries, Ltd., Volkswagen and Rover distributor, Sydney, proposes to return 2s 6d on each fully paid ordinary share. The proposal also includes the paying off of all the £30,000 5 per cent, preference capital. The directors said this capital was in excess of the needs of the company. If the plan were approved, they said, the present contributing shares, paid to 2s, would be called to 2s 6d. Both kinds of ordinary shares could then be consolidated

into one 5s stock unit. The 9d premium on the contributing shares would also have to be called.

These capital moves would reduce paid capital from £1,186,309 to £753,781, which would all be in fully paid 5s ordinary shares. The directors said that net profit for the six months ended December 31 was substantially in excess of the figure for the corresponding period in 1961. The steady interim dividend of 5 per cent, was more than covered by the halfyear profit for the first time in three years. If present condition continued, they said, future dividends on the reduced capital should be very satisfactory.

Rothmans (Aust.) Div. Raised (N.Z. Press Assn.—Copyright) SYDNEY, February 7. Rothmans of Pall Mall (Australia), Ltd., has restored its dividend rate to 20 per cent, after six months of record trading and profit in the period to December last. The chairman of the company, Mir R. A. Irish, announced this today when consolidated net profit figures were released. The net profit figure had risen almost 12 per cent, on the corresponding period of 1961, he said.

Net profit, after taxation, was £1,151,166 in the six months to December, 1962, compared with £1,029,921 in the previous period. The interim dividend of 10 per cent., which resumes the 20 per cent, rate for the year, will be paid on March 15. This dividend will absorb £379,687.

Business Personal

Mr H. H. Dobie, chairman and managing director of the Union Steam Ship Company will retire on April 8 and will be succeeded by Mr F. K. Macfarlane, the present general manager. Mr A. T. Waugh, assistant general manager, is to be general manager; and Mr B. S. Cole, assistant manager, is to be assistant general manager.

367 p.c. Earning Rate.—Biro Swan and Gollin Pty., Ltd., penmaker, Melbourne, earned 367 per cent, on capital in the year to June 30 last. The company is jointly owned by Biro Swan, Ltd., London, and Gollin Investments Pty., Ltd., a subsidiary of Gollins Holdings, Ltd. Net profit for the period was £146.677 —earned on a paid capital of £40.000 in £1 shares. A final dividend of £146,000 was declared on August 30, leaving a balance of £54.462 in the appropriation account.