W. HORTON BONUS

Press, Volume CIV, Issue 30678, 18 February 1965, Page 17

W. HORTON BONUS

1:10 Issue Will Be Tax Free

(N.Z. Press Association) AUCKLAND, February 17. Directors of Wilson. and Horton, Ltd., publishers of the “New Zealand Herald” and the “New Zealand Weekly News,” propose to make a one-for-10 bonus issue from pre-1957 profits. Directors state that the issue is proposed solely to take advantage of the provisions of section 144 b of the Land and Income Tax Act. While the bonus shares will qualify for the final dividend yet to be declared for this year, it is not to be assumed that there will be any increase in the total amount distributed by way of dividends. For the year to March 31 last the company paid a total dividend of 9 per cent, which required £137,698, after a consolidated net profit of £260,993. A steady interim payment of 3f per cent was made in December. The bonus issue will Involve the issue of 306,000 10s shares and will take paid capital to £1,683,000. The previous bonus issue was in June, 1961, Before the public issue of November that year, the bulk of the one-for-one issue which made £611,200, came from profits made before March 31, 1957. Shareholders will be advised of further details of the proposed issue and an extraordinary general meeting will be called to consider the proposal.

The John J. Hilton group of fashion goods producers and wholesalers is expected soon to be listed in Sydney and Melbourne after conversion to public company status. All the capital of the operating companies has been acquired by Hilton Bros, (Holdings), Ltd, which has a paid capital of £250,000 in ordinary 5s shares.—(P.A.)

Hat. Consol.—After reporting half-yearly profit up 4.2 per cent on the same period last year, National Consolidated, Ltd, will pay a steady interim ordinary dividend of 6 2-3 per cent and an Interim 2i per cent on preference shares on March 29. ex dividend March 4.