Classic To Take Over Promenade

Press, Volume CII, Issue 30085, 20 March 1963, Page 17

Classic To Take Over Promenade

(N2. Press Association) WELLINGTON, Mar. 17. The Classic Manufacturing Company, Ltd., has arranged to acquire the share capital of Promenade (N.Z.), Ltdtor cash and shares. To complete the purchase it will be necessary to increase present nominal capital of £lOO.OOO by creating 2500 shares of £l. Shareholders will be asked to approve this at a meeting bn March 29.

R. W. Miller.—Sales and profit of R. W. Miller (Holdings) Ltd., .Sydney-based coal, shipping and brewery group, were well maintained In the six months to December 31, directors report. The Interim dividend of 4 per cent., the company’s first, is in line with the prospectus forecast of "not less than 8 per cent, a year." The company Joined the public list last August after an issue of 2,400,000 ordinary 10s shares at a premium of 2s 6d a share.

Wilcox Mofflin. Wilcox MoflfUn. Ltd., Sydney wool merchant, produced "very satisfactory" results in the six months to December 31. directors say in their interim report. Total turnover increased 2 per cent., compared with the corresponding period last year, while export sales of sheepskins and wool rose by 8 per cent. Although sales of the merchandise department were down by 11 per cent., profitability was fully maintained directors say

Elastic Webbing. Elastic Webbing Industries. LtdSydney. earned a higher group profit in the half-year to December than for the full 196162 year. Last year profit slumped from £61,625 to £17,175, but dividend was steady at 9 per cent. The company is maintaining the ordinary dividend rate with an interim of 41 per cent, payable on May 17.

Offer Withdrawn. Parke. Davis and Company, of the United States, has decided to withdraw its offer to acquire all the capital of Amalgamated Chemicals. Ltd- the directors of Amalgamated said in a statement on Thursday.—(N.Z.P.A.)