U.K. A.E.I. MOVE

Press, Volume CII, Issue 30063, 22 February 1963, Page 14

U.K. A.E.I. MOVE

Bid For Aust. Shares

fN.ZJ’A.-Retiter— Copyright) LONDON, Feb. 20. One of Britain’s biggest electrical firms, Associated Electrical Industries, Ltd, announced today that it would make a cash offer to acquire the balance of the shares in its partly-owned Australian subsidiary company, A.E.I, Ltd. The parent company already holds 68 per cent, of the shares. It said the deal would facilitate the reorganisation of its Australian activities. The offer is 20s 4d (Aust.) for the 1,267,160 ordinary £1 shares. The current Australian market price is about 18s. Conditional It would be conditional upon acceptance of not less than 90 per cent, in nominal value of such ordinary shares —and by not less than threequarters of the holders of such ordinary shares. The profits of the Australian company had not come up to expectations. Associated Electrical Industries, as the largest shareholder, believed the only way to ensure its satisfactory future was to combine its main business with those other interests. If the offer is successful, an extensive reorganisation will be carried out, it added.

Zealandia Mill Dividend Up

(N.Z. Press Association) WELLINGTON, Feb. 21. The directors of the Zealandia Milling Company, Ltd, Christohiwch, recommend the payment of an annual dividend of 8 per cent, payable on April 10 and ex dividend on the same day. The total dividend last year was 6 2-3 per cent, after the one-for-two bonus issue. The previous two years the company had paid annual dividends of 10 per cent, including bonus.

David Brown.—David Brown Tractors, Ltd, U.K, has announced a £3m expansion scheme, toe biggest of its kind envisaged by the company. The objective is to increase the over-all tractor production floor space at the Meltham and Leigh factories by 20 per cent, and to step up tractor output progressively by about 50 per cent.

Peters Ice.—Group profit and sales of Peters Ice Cream (Victoria), Ltd, the largest Austra-lian-owned food group, increased further in toe first half of 1962-63, according to the Interim report. The interim ordinary dividend has been held at 6 per cent. Last year, final distribution was 9 per cent, to make 15 per cent, for toe ninth successive year.

G.M. Sales Up 36 p.c.—Worldwide factory sales of General Motors cars and lorries for 1962 totalled 5,239.000 units, or 30 per cent, above the 4,037,000 units sold in 1961, and 4 per cent, above the previous record year of 1955. General Motors spent 645 m dollars last year on plant and equipment in toe United States and abroad, toe corporation’s annual report shows.