ISSUE BY CARTER

Press, Volume CIV, Issue 30802, 14 July 1965, Page 19

ISSUE BY CARTER

One-for-8 At 4s Premium (N.Z. Press Association) AUCKLAND, July 13. Carter Consolidated, Ltd., Auckland timber merchant, will make an issue of one-for-eight at 4s premium a 10s share, following the one-for-four bonus issue and the share split. Directors forecast a dividend of 9 per cent after the issue equivalent to the 11 per cent paid in the last three years. Consolidated net profit in the year to March 31 rose £30,794 or 18.7 per cent, to £164,236.

Sales increased £950,685, or 28 per cent, to £4,369,756. Earning rates eased slightly following the cash issue of last year, the take-over of Jones Timber Company, and conversion of the £-100,000 convertible notes. Further Expansion The company is committed to a period of further expansion over the next five years, the chairman (Mr K. C. A. Carter) says in the annual report. It may take some time before the capital invested in new undertakings and expansions will be fully serviced by the profits therefrom. Directors are confident that overall profit will adequately cover a 9 per cent dividend on the higher capital until the new ventures are fully contributing to group earnings.

The issue, involving 284,601 10s shares, will be made on holdings as at July 29, including the bonus shares. The new shares are payable 7s on application by August 31 and 7s on February 28, 1966.