U.E. BOX MOVE

Press, Volume CIII, Issue 30529, 26 August 1964, Page 21

U.E. BOX MOVE

Issue In Aust. (N.Z. Press Association) Auckland, August 25. United Empire Box Company, Ltd., the large Auckland-based packaging group, will issue 600,000 5s shares in Australia at a premium of 5s lOd (N.Z.) to finance part of its expansion there, directors announced today. The issue will raise £324,000 and increase the company’s capital by £150,000 to £2,599,759 (£560,000 preference}. The issue price of Al3s 6d, equivalent to N.Z.lOs 9.6 d, compares with a current New Zealand market price of 13s. The new shares will take part to 50. per cent in the dividend for the current year and thereafter rank pari passu with the existing shares. The prospectus is expected to be available by Thursday and subscription lists will open on September 11. It is anticipated that the issue will be filled in a few days. The shares will be available only to Australian residents and be registered in share registers in Sydney and Melbourne. Funds Needed United Empire Box directors said that the issue would provide funds for further expansion of the group’s activities in New South Wales and other States. United Empire Box has been expanding in Australia as well as New Zealand and earlier this year took over Paspak Pty., Ltd., an Adelaide maker of moulded plastic containers. This company has been transferred to United Empire’s Sydney container plant. The company also acquired a 51 per cent interest in Fiberiite Pty., Ltd., a Melbourne manufacturer of moulded pulp products. The managing director (Mr J. N. C. Doig) recently reported that United Empire had made arrangements with a substantial overseas partner to establish a major.plant in Australia for the production of all types of moulded pulp products. It is expected that the plant will be operating within 12 months.

Final Dividend By R.M.C. (N.Z. Press Assn.—Copyright) SYDNEY, August 25. Shareholders in Ready Mixed Concrete, Ltd, will receive the final dividend of 3}d a share for 1963-64, even if they accept the current takeover offer.

The bidding companies, the Colonial Sugar Refining Company, Ltd., and Blue Metal Industries, Ltd., announced this decision yesterday. The joint offer, made on July 16, originally included a condition that R.M.C. declare no dividend or make any other distribution to shareholders. Mallng and Ca.—MaMng and Company,- Ltd.,, Christchurch, wine and -spirit merchant and cider manufacturer, has recommended a final preference "dividend of 2} per cent making fi£ per cent for the-year and a final ordinary dividend of 10 per cent, making 15 per cent for the year against 12J per cent last year. Dividends are payable on September 29.

Skellarup Ind.—Skallerup Industries, Ltd., Christchurch, announces that the dividend of 2i per cent on the 5 per cent preference stock will be paid on October 1 for the half-year to September 30, ex dividend September 21.—(P.A.)

C.O.P. Interim.—Directors of Cash Order Purchasers, Ltd., Christchurch, have declared a steady interim dividend of 8 per cent payable August 31. Books will not be closed.