STH. OTAGO FREEZING

Press, Volume CII, Issue 30196, 30 July 1963, Page 17

STH. OTAGO FREEZING

Plans To Raise £212,500 (N.Z. Press Association) DUNEDIN. July 29. The South Otago Freezing Company, Ltd., is to raise £212.500 for further developments of its works at Finegand, near Balclutha. In a circular to shareholders on the company's capital reconstruction, the chairman (Mr J. D. Cochranei says that £112.500 for development would come from the recently announced cash issue of 100.000 £ 1 shares at a premium of 2s 6d. Another £lOO,OOO needed for development would be obtained by means of loan moneys. Tax-free Issue Referring to the tax-free bonus issue of 100.000 shares, Mr Cochrane said this would come from a revaluation reserve fund of £334.578 which had been created by the revaluation of the company's land and buildings at figures approaching, but under, current Government valuations. If approved by shareholders at an extraordinary genera] meeting to be held late in September, the bonus issue will be made in the ratio of two shares for every five shares held before the cash issue.

It is intended that the cash issue will be offered on a two-for-five basis on shares held before the bonus issue These two share issues will increase the company’s paid capital from £250.000 to £450,000. Last year the company’s nominal capital was increased from £250,000 to £750.000 Business Personal Mr C. T. R. Cain has been appointed a director of John Burns and Company, Ltd. Auckland. Mr Cain was made general manager of the company last year, having previously been Auckland branch manager He has been with the company for 25 years. Mir E. H. Halstead has resigned from the board of director® of McKendrick Consolidated Industries, Ltd., and all its subsidiaries, including the McKendrick Glass Manufacturing Company, Ltd. Mr Halstead had previously resigned as chairman of McKendrick Consolidated but remained on the board and also remained as chairman of the glass company. Mr H. B Williams, of Gisborne has joined the board of directors of Meat Packers (New Zealand). Ltd Potato Shipments By Aramoana During the four weeks ended June 22, 1290.2 tons of potatoes were carried from the South Island to the North Island in the Aramoana, according to figures released by the Railways Department. This tonnage represents about 19,353 sacks. This is more than twice the tonnage carried by the Aramoana during the previous four weeks, ended May 25 when 588.4 tons, or the sack equivalent of 8826 was carried.