COX BROS. DEAL

Press, Volume CIII, Issue 30393, 18 March 1964, Page 21

COX BROS. DEAL

Sale Improves Liquidity

(N.Z. Press Assn.—Copyright) MELBOURNE, March 17.

The chairman and managing director of Cox Bros. (Australia), Ltd., Sir Frank Richardson, today said he was pleased with the “mammoth price” received for the sale of the subsidiary, Foy and Gibson (W.A.), Ltd., to David Jones, Ltd. The deal would transform Cox Bros. liquidity problem, Sir Frank Richardson said. £3.9m Cash

All the ordinary shares in Foys (W.A.) were sold to David Jones for £3.9m cash. But Cox Bros, liquid position would be improved by about £6.3m. In addition, to the sale of the shares, Cox Bros, would receive nearly £500,000 cash owed to it by the Perth Company, and the parent company was shedding about £2m of liabilities owed by the subsidiary.

G. Bowron Now Listed

(N.Z. Press Association)

WELLINGTON, March 17. The ordinary shares of Guthrie Bowron and Company, Ltd., have been officially listed on the stock exchange.

The company, which has its registered office in Dunedin, is a paint, wallpaper, leather and grindery merchant. Subsidiary companies are G. M. Baker, Ltd., G. M. Baker (Glass), Ltd., and Colour Shop (Tauranga), Ltd.

Subscribed and paid capital is £120,000 in ordinary shares of 20s each and £28,000 in 6 per cent cumulative preference shares of 20s each.

New Plant For Motor Spec.

(N.Z. Press Association) AUCKLAND, March 17. Wix Corporation New Zealand, Ltd., 50 per cent owned by Motor Specialties, Ltd., will build a 20,000 to 30,000 square feet factory on Rosebank Peninsula, Avondale, next year and has meanwhile expanded its manufacturing activities into metal stamping. The company has bought four acres at Avondale because it has no scope for expansion at Penrose, the chairman of Motor Specialties (Mr J. F. Johnston) said today. Land and buildings would involve the expenditure of about £BO,OOO.

Brents Interim.—Brents, Ltd., Auckland hotel proprietors, directors have declared a steady 5 per cent interim dividend: payable April 1, ex dividend March 23. Last year annual dividend was 10 per cent plus a- bonus 2} per cent, making 121 per cent tn all.—(P.A.)