OIL SEARCH ISSUE

Press, Volume CIV, Issue 30934, 15 December 1965, Page 25

OIL SEARCH ISSUE

One-For-One Planned (N.Z. Preu Assn.—Copyright) SYDNEY, Dec. 14. Oil Search, Ltd., will make a one-for-one issue of 5s shares —and shareholders will only have to pay Is. The company is giving a virtual bonus of 4s a share which will be paid from reserves.

The chairman (Mr G. B. Kater) said the special new issue of shares would be offered to shareholders during the first half of next year. The issue will double capital to £12.7m and raise £l.2m. The company's present reserves will be reduced by £s.lm. Mr Kater said that an applicant for shares who' resided m Australia or New Guinea would be entitled to a tax deduction of Is a share from his assessable income. It was expected that rights trading would be permitted in the normal way. Mul pie Listing Sales Down Last month 134 properties were listed with the Multiple Listing Bureau, Christchurch. Sales at 71, or 53 per cent, were described as “most satisfactory.” although both they and listings were down slightly on 1964 figures.

The value of sales was £274,775. The highest listing agent sale, at £7500, was for a property at Milnebank street. Ham; and the best sale in conjunction, for a Kendal avenue. Burnside, property was at £7lOO. For the eight months ended November 30, sales of 523 properties valued at £1,949.155 averaged £3727—£298 higher than the average sale in the equivalent period last year. The ratio of sales to listings has also risen slightly, to 55.2 per cent.