A.N.Z. BANK MOVE

Press, Volume CII, Issue 30137, 22 May 1963, Page 17

A.N.Z. BANK MOVE

Three-For-11 Issue

(N.Z. Press Association) WELLINGTON. May 21

The Australian and New Zealand Bank proposes to issue 3m-£l shares at premium of 25s (sterling) a share. The new issue will be made in the ratio of three new shares for 11 held. “Increased capital resources are required by the bank so that it may continue to play its part in the development of Australia and New Zealand. There has been great progress in both these countries in the last decade and this has been reflected in the satisfactory growth of its business both in the trading bank and in its important subsidiary, Australia and New Zealand Savings Bank. Ltd.,” said a statement issued by the bank today. The addition of new funds, will enable the bank to maintain the expansion of its branch network and the enlargement and improvement of existing offices. Capital is also required to further the bank’s programme of mechanisation which now includes plans to install its first computer to handle, on a centralised basis, a very large part of its current account business in Melbourne.

New shares are payable as follows: On acceptance on or before July 15, 1963, 20s a share; on or before August 16, 1963, 25s a share. The new shares will not rank for the interim dividend now declared of 4 per cent., but in all other respects will rank pari passu with the existing shares of the bank.

New Zealand exchange control approval for payment of subscriptions in New Zealand currency has been obtained, except in respect of entitlements arising from shares transferred to the New Zealand branch register after May 20, 1963, and in respect of shares or rights to diares on other registers purchased by New Zealand residents after that date.

“Trading conditions are satisfactory and directors would expect, subject to unforeseen circumstances, to recommend a final dividend for 1963 of 8 per cent less United Kingdom income tax, on the increased capital, which would maintain the total annual dividend rate at 12 per cent.,” the directors state.

New Companies

The following private companies were registered in Christchurch between April 10 and May 3 according to the Mercantile Gazette”:— Batstones Garage (1963) Ltd., c/o Hudson, Sanderson and Barton, public accountants, 304 Cashel street. Christchurch Capital: £l5OO. Subscribers and directors: Christchurch—H. G. Sheppard 1499, J. M. Sheppard 1. Objects: Garage and service station proprietors and incidental.

Berens Restaurant, Ltd.. 170 Tuam street, Christchurch. Capital: £l5O. Subscribers and directors: Christchurch—T. Berens 50 G Berens 100. Objects: Restaurant keepers and incidental.

Prisk’s Land Agency. Ltd.. C/o S. M. Smith public accountant. 227 Manchester street. Christchurch. Capital- £lOOO Subscribers and directors: Christchurch—W. T. Brian and J. H. Prisk 500 each. ObjectsLand and estate agents and incidental

Wickham Enterprises, Ltd.. 71 Hereford street, Christchurch Capital: £2OOO. Subscribers and directors: Christchurch—K. L Wickham 1850, L. M. Wickham 150 Objects: Builders and incidental

increase of Capital Canterbury Tyre Agenev Co. Ltd . from £34.500 to £36.000 M«y 7.

C.M.I. Dividend.—Consolidated Metal Industries recommended final dividend is 6 per cent, making a steady 10 per ••ent. for-the year; payable July 31. ex dividend July 29—(P.A'l