I.C.I.A.N.Z. ISSUE

Press, Volume CIV, Issue 30653, 20 January 1965, Page 17

I.C.I.A.N.Z. ISSUE

One-for-Six At Premium (N.Z. Press Assn.—Copyright) MELBOURNE, Jan. 19. Imperial Chemical Industries of Australia and New Zealand, Ltd., will raise £10,393,228 by a one-for-six issue of 20s ordinary shares at a 10s premium, it was announced today. The issue, which will involve 6,928,819 new 20s shares, will be payable in three instalments. The first, of 10s a share (6s 6d capital, 3s 6d premium) is payable on June 1 and the second (6s 6d and 3s 6d) on November 1. The third instalment, 1 dollar (70 cents and 30 cents) is payable on June 1 next year, after decimal currency is introduced. New shares will participate in dividends declared for the year to September 30, and afterwards in proportion to the amount of capital paid up on them. In a statement today, directors said circulars would be sent to shareholders about March 12. Underwritten Free

The issue will be underwritten free of commission by Imperial Chemical Industries, Ltd., of Britain. Because a proportion of the issue may be subscribed in Britain, Treasury consent must be obtained there. Application will also be made for the consent of the Finance Minister in New Zealand. The latest issue follows other expansion moves by the group. These include a £9m plant extension at the Botany (New South Wales) plant, and a joint £Bm venture with Phillips Petroleum Company in the United States to make synthetic rubbers and carbon black at Kurnell, New South Wales. Recently 1.C.1.A.N.Z. also announced it had bought the 50 per cent of Fibremakers, Ltd., it did not already own, from Imperial Chemical Industries of Britain, for £l4m cash. 1.C.1.A.N.Z. also issued 5,384,615 new 20s shares at 52s each to the British company for cash as part of the deal.

M. Sets New Records (N.Z. Press Assn.—Copyright) SYDNEY, January 19. The Mutual Life and Citizens Assurance Company, Ltd., directors, in announcing the company’s results for the last year, said a new record for every month was a feature of the M.L.C.’s further expansion in 1964. Ordinary branch new business, exclusive of a considerable volume of temporary assurance, jumped from £107.2m to £123.55m, an increase of 15.3 per cent. It seemed that the current favourable conditions would continue in 1965, and the company was planning further expansion to take advantage of the opportunities that were available. N. INDEX

The Reserve Bank’s Index of share prices In New Zealand (January 27, 1959, equals 1000) is:— 1962 N.Z. Aus. December 20 ». 1322 1251 1963

January 31 1340 1275 February 28 1357 1248 April 24 ... 1383 1296 June 27 I. - 1461 1354 August 2 1473 1424 October 31 1483 1451 November 28 !“ * 1510 1478 December 19 u . 1515 1501 1964 January 30 1530 1580 Februarv 27 1529 1587 March 26 1531 1586 April 30 .« Sft 1“ “ 1547 1567 May 28 >»: 1556 1574 June 25 .« 1599 1628 July 9 ... IT' L. . •1652 1649 July 16 .. Ir> • 1646 •1653 August 27 1631 1601 September 24 1648 1564 October 22 1640 1579 November 26 1644 1531 December 17 1621 1504 January 14 1624 1514 •Peak