N. CROPPER PROSPECTS

Press, Volume CVI, Issue 31134, 10 August 1966, Page 21

N. CROPPER PROSPECTS

Controls May Have Effect (N.Z. Press Association) AUCKLAND, Aug. 9. Group profits of Neill, Cropper Holdings, Ltd., Auckland merchant, manufacturer and flour miller, in the current year so far are comparable with those for the same period of last year, the chairman, Mr P. Cropper, told the annual meeting today. The immediate future might be affected by further severe financial and other controls likely to be imposed by the Government. However, the present year’s results should not be displeasing if there was no serious down-turn in trade generally, he said. Certain divisions of the group might suffer a drop in profits because of the current restrictions, but as a result of the merger with the Northern Roller Milling Company, and the wide range of interests in the group, directors looked to the future with confidence. Deb. Issue Arrangements for the proposed debenture issue were proceeding as fast as possible and the prospectus would be published withih two months. The issue would be on attractive terms. Commenting on the proposal to allow the directors to issue a limited number of shares to senior executives, he said such arrangements operated in many overseas companies, particularly in the United States. In the last few years a number of New Zealand companies had also adopted this policy. The directors had no immediate plans for the issue of these shares or the terms, but sought the power to make such issues if and when they thought fit.