Capital Lift Is Approved By Fea

Press, Volume CIII, Issue 30530, 27 August 1964, Page 17

Capital Lift Is Approved By Fea

(New Zealand Press Association) INVERCARGILL, August 26. A resolution lifting the nominal capital of Fea Concrete Industries, Ltd., from £75,000 to £lOO,OOO by the creation of 50,000 new shares of 10/- each was passed at the company’s annual meeting in Invercargill.

The additional money is required to finance and instal facilities at Oporo to provide adequate supplies of sand of gradings that will satisfy the most exacting mix for concrete making. The meeting, as reported earlier, also authorised the directors to raise £24,375 by the creation of 48,750 6} per cent registered unsecured convertible notes of 10s each. The chairman of directors of the company (R. N. M. Vincent) said the convertible note issue would mean shareholders could increase their holdings in the company and the company would obtain an amount which was an item

of expense and so deductible for tax purposes. Mr Vincent said that by increasing the ordinary capital of the company by creating 50,000 new 10s shares the company would still be able to set aside 48,750 shares to cover the maturity of the notes in April, 1968, and would be left with 27,500 unallotted shares. “Diversified”

He said the group of companies was acquiring a ‘‘diversified approach” in concrete and its ready-mix operations were assuming a “vertical structure.” , Mr Vincent said it was announced recently that 653,000 tons of cement were produced in New Zealand in the 1962-63 year. No less than 136,000 tons, or 21 per cent, were used in the production of readymixed concrete.

Establishments specialising in ready-mix used 129,400 tons of cement to produce 537,000 cubic yards of readymix concrete valued at about £3,330,000.

Good Gain By Aust. Shares Australian shares, traded in New Zealand made a good recovery in the week to August--20, according to the Reserve Bank share price index. The index rose to 1611 points from 1584 but it is still below the peak of 1653 recorded in the week to July 16. The New Zealand price index rose slightly from 1623 to 1628,