MOVE BY C.F.M.

Press, Volume CV, Issue 30980, 9 February 1966, Page 17

MOVE BY C.F.M.

Shares Split To 10s Units Ordinary and preference i shares in Canterbury Frozen] Meat Company will be quoted! in 10s units from today.] Shareholders approved the move yesterday. Approval was given to split both the 20s ordinary shares and the 20s 6 per cent cumulative preference shares. Issued capital of the C.F.M. is now 200,000 fully paid preference shares and 2.4 m ordinary shares —£1.3 m in all. The chairman (Mr L. D. Cotterill) told the meeting that it had been a “very disappointing year” for the company and, he added, “the outlook at the moment is not very good.” In the year to October 1 last the company made a loss of £336,830. Lull in Killing Dealing with the current year, Mr Cotterill said there had been a lull in killing in mid-January because of abundent feed and restocking. One effect had been a large number of overfat lambs now coming forward. At the end of January killing was down 6 per cent for lambs and 40 per cent for sheep. The price on the London market at the end of January had been 3Jd below that of January last year. Since then the price had fallen 2Jd more and the trend was still down, he said. “We know lamb killing is likely to be down and the outlook at the moment is not very good." Mr Cotterill said there was a better Japanese ewe market but the increase in weight would not help because Japan liked the lighter weights. Shareholders approved the recommended 6. per cent preference and 5 per cent ordinary dividends.