GLENMORE IS TAKEN OVER
McSkimmings Expands (N.Z. Press Association) DUNEDIN, April 30. In a share and cash deal worth £239,000 McSkimming Industries, of Dunedin, has taken over Glenmore Bricks, Ltd., of Christchurch, and its associated companies W. S. Alderson and Sons, Ltd., and Glenmore Quarries, Ltd. This was announced by Mr L. H. Petrie, chairman of McSwimming’s, at the company’s annual meeting in Dunedin today. Mr Petrie told shareholders that McSkimmings had been keen to expand in Christchurch for a number of years. Sole Manufacturer Glenmore Bricks, the sole manufacturer of clay bricks in Christchurch, had a high state of profit, and would add to McSkimmings earnings. For the take-over of Glenmore Bricks. McSkimmings are issuing 130,000 ordinary 20s shares plus a payment of £5OOO in cash. The latest market price of McSkimming shares is 365. This issue to Glenmore Bricks will lift McSkimmings issued capital from £370,000 to £500,000. Another Lift In Reserves (N.Z. Press Association) WELLINGTON, April 30. Net overseas assets of the New Zealand banking system on April 21 were £80.6m, compared with £79.3m on April 14 and £91.1m on April 22 last year. These figures were announced today by the Reserve Bank.
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Bibliographic details
Press, Volume CIV, Issue 30739, 1 May 1965, Page 20
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196GLENMORE IS TAKEN OVER Press, Volume CIV, Issue 30739, 1 May 1965, Page 20
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