Sleigh Acquires Phillips Oil

Press, Volume CVI, Issue 31307, 1 March 1967, Page 10

Sleigh Acquires Phillips Oil

(N.Z. Press Association—Copyright) ~9 MELBOURNE, February 28.

H. C. Sleigh, Ltd., is expanding its Golden Fleece Petroleum activities by acquiring Brisbane-based Phillips Oil Products, Ltd., in a deal worth about 6m Australian dollars.

The Phillips petroleum marketing business in Southern Queensland and Northern New South Wales will add sales of more than one million gallons a month to Sleigh. This is slightly more than the 11.3 m gallons by which the sales of Golden Fleece rose in the last financial year. Announcing the purchase last night, the chairman (Mr Hamilton M. Sleigh) said that although Phillips Oil had incurred losses since its establishment in 1961, “there is no doubt that this business will produce adequate profits within the larger framework of Golden Fleece. Phillips Oil had more than 100 service stations which together with country bulk depots and transport units would quickly be converted to Golden Fleece, Mr Sleigh said. Net Loss Incurred Last year, the 95 per cent

U.S. owned Phillips Oil Company incurred a net loss of 290,076 Australian dollars, bringing accumulated losses to 685,603 Aust, dollars. A one-for-five share issue was made in November. Mr Sleigh said the deal was the result of an offer from Phillips Petroleum Company of the U.S. to sell its interest in the local company. The acquisition would be effective from yesterday. The price payable to the U.S. parent should be about 28 Aust, cents a 25 Aust cents share issued to June 30, subject to the availability of audit figures. When the exact price was known, Sleigh will offer the same amount to the Australian public for the remaining shares.

New Ruling On Exchange (N.Z. Press Association) AUCKLAND, Feb. 28. In preparation for the change to decimal currency, the Stock Exchange Association of New Zealand has adjusted the requirements which define the minimum number of shares which shall comprise a marketable parcel. As from March 1, the minimum parcel shall be 100 shares when the market price is up to and including 40s, and 50 shares when the price is over 40s and up to £5. The qualifying price was previously 50s and below for 100 shares. The minimum quotable parcel of Government Stock has been reduced in size from £2OO face value to £lOO. Carpenter Adds To Statement (N.Z. Press Assn.—Copyright) SYDNEY. Feb. 28. W. R. Carpenter Holdings, Ltd., earned a slightly lower group net profit in the December half year than in the last six months of 1965. Directors revealed this yesterday in a statement to the Sydney Stock Exchange amplifying the interim report issued last Friday. As pointed out yesterday, the report said that profits had been “obtained to budget expectations” but did not give a comparison with the previous corresponding term.