Company News G. BOWRON MOVE

Press, Volume CII, Issue 30234, 12 September 1963, Page 19

Company News G. BOWRON MOVE

Bonus, Cash Issues Press Association) WELLINGTON, Sept 11, Guthrie Bowron, and Company, Ltd., Dunedin, paint and wallpaper merchants, proposes to increase the capital of the company to £148,000 by the issue of 48,000 ordinary shares—24,ooo of them a bonus issue to existing holders of ordinary shares on the basis of one new share for each three shares held, and 24,000 will be a cash issue at par. The bonus issue will be mef by the capitalisation of part of the amount standing to the credit of the capital reserve account and will rank for dividend from July 1, 1963. Approval is being sough from the Inland Revenue Department for the distribution not to be treated as a dividdend so that it will not involve shareholders in ta> liability. The cash issue will rani for dividend from the date oi allotment. Preference Dividend It is proposed also to substitute an absolute right tc a dividend of 6 per cent pei annum for preference, shareholders in lieu of the present right of 5| per cent, participating to 6 per cent. These proposals will be submitted to the annual meeting of shareholders on October 2. Members will also be asked to give a direction that the directors mayallot the cash directors may allot the cash issue of 24,000 ordinary shares to such persons as they think fit. The Stock Exchange Official Record shows the company’s paid capital as £72,000 and its total reserves as £74,995.