SCRAMBLE FOR BEATLES SHARES

Press, Volume CIV, Issue 30680, 20 February 1965, Page 15

SCRAMBLE FOR BEATLES SHARES

(N.Z.P.A.- Reuter— Copyright)

LONDON, February 19. Speculators fought on the London Stock Exchange yesterday for a stake in the Beatles. An issue of 1,250,000 shares in Northern Songs, Ltd., was heavily over-subscribed in less than 60 seconds.

The company owns the copyright of songs written by two of the pop group, John Lennon and Paul McCartney. Shares with a nominal value of 2s were offered to investors at 7s 9d.

Applications had flooded in from all over the world.

Yesterday's offering price puts a value of £2.421,870 on the company’s total shares. McCartney and Lennon each

hold 15 per cent, worth £362.280. Their manager, Brian Epstein, has a 7j per cent holding. Lennon and McCartney have written a string of successes including “Twist and Shout,” “I Feel Fine," “1 Want to Hold Your Hand,” and “All My Loving.” The company forecasts profits of £550,000 this year and

an expected dividend of 27} per cent. One new asset will be the songs Lennon and McCartney are writing for the Beatles’ new cowboy film, based on the novel “Talent For Loving," by the American author Richard Condon. On Monday all four Beatles are flying to the Bahamas for a fortnight, during which scenes will be shot for another new film, so far without a title. It will include seven new songs written by Lennon and McCartney. At an office near the Stock Exchange, clerks are this morning counting how much money has come in in response to the shares offer. Dealings in the shares are expected to start next week.