PROFIT DROP RY NEBCO

Press, Volume CIII, Issue 30453, 29 May 1964, Page 15

PROFIT DROP RY NEBCO

Bonus Issue Planned (N.Z. Press Association) WELLINGTON, May 28. Consolidated tax-paid profit of the National Electrical and Engineering Company in the year to March 31 fell £9OOO to £100,840, but this result is before audit, says a preliminary report. Directors recommend increasing nominal capital £500,000 to £lm and lifting issued capital from £305,210 to £610,420 by a bonus issue. This issue will come from capital reserves, including part of a newly-created property reserve resulting from a partial writing up of property, and out of pre-1957 profits. • Proposals Proposals are to issue, "a tax-free bonus one*for-two 5s ordinary shares and. a bonus one ordinary. B share for each two ordinary 5s shares held on August 11. The nominal value of the B shares will be non-assess-able income in the hands of shareholders. Recommended. annual dividend is 15 per cent, against 12j per cent plus a bonus 2j per cent the year before. Transfer books will be closed from July 29 to August 12. Ex dividend date is July 29, while ex bonus date is August 13.

Directors expect to be able to recommend future dividends of at least 8 1-3 per cent on the increased capital if trading conditions . remain the same. Weeks Field Change Name (N.Z. Press Association) Auckland, May 28. Weeks Field, Ltd., has changed its name to Mono Flexible Packaging, Ltd., cancelled the £297,500 unissued capital, and re-registered as a private company. Last November the company was taken over by United Empire Box Co., Ltd., through a share bid worth £1,100,000. Under its original name of Weeks, Ltd., the company was first registered in New Zealand in 1899. London Market Interest Low (■Special Crspdt. N.Z.P.A.) LONDON, May 27. Political and economic uncertainties and the disappointing April overseas trade returns have kept- investment interest at a low level on the London Stock Exchange this week, the second half of the current account But while buying was extremely quiet and selective, selling remained light and price changes were irregular and mostly small. Many leading equities showed an easier tendency. Oils and teas suffered on the news of Mr Nehru’s death.