FAILURE OF TV ISSUE

Press, Volume CII, Issue 30057, 15 February 1963, Page 13

FAILURE OF TV ISSUE

Company Will Now Liquidate

The public issue by Combined Productions Television, Ltd., Sydney, of 8m 5s shares paid to 4d has failed, the company’s solicitors, Minter, Simpson and Company, have reported.

Shareholders would receive their application moneys back in the near future, they said. The company would go into liquidation because its liabilities exceeded its assets. Third Licence

Combined Productions was one of the applicants for a third television licence in Sydney. The underwriter of the issue was Roland Walton and Company, member of the Sydney Stock Exchange. “The underwriter has been advised by his legal advisers that he is not legally bound to comply with the provisions of the underwriting agreement,” the solicitors state. Director’s Comment Mr P. Terry, a director of Combined Productions Television Ltd., said that he and another director. Mr C. M. Wells, will oppose the attempt to put the company into liquidation. Mr Terry said that he and Mr Wells maintained that the underwriters to the recent unsuccessful issue by the company, Roland Walton and Company. should carry out underwriting obligations to the issue.

Otago Daily Profit Steady

(N.Z. Press Association) WELLINGTON, Feb. 14. The accounts of the Otago Daily Times and Witness Newspapers Company, Ltd., for the year ended January 31 show a net profit of £46,897, compared with £46.248 for the previous year. This is after allowing £22.516 for depreciation (£20.809 last year) and £46,450 (£46,953) for tax.

The dividend, unchanged a.t 8J per cent., will again take £21.000; £20,000 (the same as last year) wall be transferred to plant renewal reserve. £2691 (nil last year) in investments has been written off and £29,524 (£25,682) is carried forward.

Repco Raises Div.—Repco. Ltd., has lifted its interim dividend from 5 per cent, to 6 2-3 per cent. This indicates a distribution of 13 1-3 per cent, for the full year compared with 11 2-3 per cent. last year.— N.Z.P.A.

Business Personal

Mr H. L. Thomas has been appointed general manager of the recently formed finance company, Manufacturers and Retailers Acceptance Company, Ltd. (MARAC). Mr Thomas is also a director of the company, which. has taken over the’ business previously conducted, by Taringamutu Investments, Ltd., and Revolving Credit, Ltd. Mr J. D. Bull, general manager of Associated British Cables (New Zealand), Ltd., has been appointed to the company’s board of directors. Mr Bull became general manager in New Zealand about April last year.