MOVES BY PRESTIGE

Press, Volume CIV, Issue 30856, 15 September 1965, Page 21

MOVES BY PRESTIGE

Premium Issue Of Shares (N.Z. Press Association) WELLINGTON. Sept. 14. An issue of 300.000 new ordinary shares of 5s at 14s a share is to be made by Pres-; tige New Zealand, it was an nounced today. , At the same time a placement at present held by the Australian parent company. Prestige, Ltd. will be made at 14s a share. All the shares being issued and placed will rank equally with other ordinary shares of the company and will partici-j pate in the final dividend for the year to March 31, 1966,1 payable in July, 1966, and in I all subsequent dividends. Reasons For Moves The company gave three reasons for the moves. These were:— (1) To provide funds for the purchase of Victoria Textile Industries, of Auckland: (2) To meet the Government’s desire for greater New Zealand shareholdering in overseas companies by giving New Zealander’s an opportunity to have a substantial holding in Prestige New Zealand; (3) To obtain a sufficiently wide-spread of shareholders to enable the ordinary shares of the company to qualify for quotation on the official list of the Stock Exchange. The directors say that in the absence of any material change in existing trading conditions they expect to maintain a dividend of 15 per cent on increased ordinary capital. This would be covered one-and-a-half times by last year’s combined profit of Prestige New Zealand and Victoria Textiles of £116,221.