Tekau Knit. To Make One-For-Three Issue

Press, Volume CII, Issue 30056, 14 February 1963, Page 19

Tekau Knit. To Make One-For-Three Issue

Tekau Knitwear, Ltd., yesterday announced * premia® iasae on the baata of one for three of present holdings of ordinary shares. The issue will be at premium «f 2s • share with transferable rights and the full amonnt of 22s a share will be payable on application. Ttiis issue is consequent upon negotiations which have taken place between Tekau and Alliance Textiles, Ltd, in respect of the hosiery section of the Bruce Woollen Mamifafftnnng Oonwny. Ltd, which has been taken over by Alliance. With the negotiations satistactorily concluded, the issue it being made by Tekau to satisfy the purchase price and to provide working capital. the directors announce. Ibe new ordinary shares will rank pari passu with the precent ordinary shares from the start of the next financial ▼ear but excluding any dividend paid from the result* of the current year’s trading. The issue has been under-

written by Messrs Hoare. Taylor and Quirk and Griffiths, Shand and Company, Sharebrokers, both of Christchurch. The issue will open on March 1 and dose on March 29; books will be closed on February 20. Directors announce that the company’s trading for the first six months of the current financial year has been a record. Becard Prafit Profit foe the period is sligbtiy higher than the profit tor the same period in any other year, directors state. Sales in certain sections were reduced aa wag torecast by the chairman in his annual report, but other departments have been added and there has been an overall satisfactory result, the directors report. A dividend of 2} per cent ha* been declared on preference shares and 4 per cent, on ordinary shares. Preference dividends are payable forthwith; dividends on oolimny shares will be paid towards the end of March or in early April