PATINO AND MT. LYELL

Press, Volume CII, Issue 30289, 15 November 1963, Page 23

PATINO AND MT. LYELL

Direct Offer To Be Made The Patino group plans to make a formal take-over offer direct to shareholders of Mount Lyell Mining and Railway Company, Ltd. The offer will be 5s 3d (Aust.) cash for a maximum of 60 per cent of the 16,275,000 2s 6d shares in Mount Lyell. Two weeks ago Mount Lyell directors said they would recommend rejection if a formal bid was made and would advise shareholders promptly of their reasons. Smaller Rise In Profit (N.Z. Pres- Association) WELLINGTON, Nov. 14. Directors of Meat Packers (N.Z.), Ltd, report in a preliminary statement that net profit for the year to June 30 (subject to audit) was £25.732. Compared with last year’s £23,211, this shows a rise of £2521, or 10.9 per cent. The previous year profit rose 33.7 per cent. National Mutual Fire Year The National Mutual Fire Insurance Company, Ltd., in the year ended June 30. earned a premium income of £737,778, compared with £513,210 in 1982—an increase of 43.75 per cent. A steady 10 per cent dividend was paid. The general manager of the company, Mr T. P. Scott, of Melbourne, said that New Zealand and Australia were the only countries in which the fire insurance companies contributed such a high proportion of the costs of establishing and maintaining fire brigades. Although the rate varied in Australia, insurance companies contributed 1 up to 50 per cent of fire brigade expenditure in New Zealand.