Marlin Will Make Issue In August

Press, Volume CVII, Issue 31380, 27 May 1967, Page 18

Marlin Will Make Issue In August

Marlin Carpets, Ltd., Christchurch, will issue 100,000,10 s shares to the public in August at a premium yet to be disclosed, says a company announcement.

The main purpose of the issue is to obtain stock exchange listing by having a shareholding as wide as possible. The funds will be used to expand the company’s productive capacity in the purchase of plant and extensions to the factory.

The issue Is being organised by Messrs Hamilton and Hamilton, Christchurch, the company’s sharebroker, and is expected to be well supported. Directors expect, however, to reserve some of the shares for employees and certain retail customers. The capital of the company will be raised by £50,000 to £350,000 by the issue. Profit Release Because audited accounts are not available for the period to March 31 of this year, there has been no announcement as yet on the company’s profit for that year. The annual meeting will be held about the end of July and before this a profit statement for the latest year and the four previous years will be available. The prospectus should be released soon after the annual meeting. Shareholders at a general

meeting recently : approved resolutions adopting new articles, which complied with stock exchange listing requirements, and to split the shares into 10s units, Marlin manufactures Marlin carpets from the raw wool to the finished article at its factory in Maces road. The company believes that an all-wool pile makes the best type of carpet, and accordingly does not use nylon or other artificial fibres as reinforcing for this purpose. Along with Massey College, Marlin has been developing New Zealand flocks of Drysdale sheep which produces the special long coarse fibred wool. This, blended with New Zealand crossbred wool, is used in the manufacture of high quality carpet Normally Imported This special coarse fibred wool is normally imported from the United Kingdom, but because of the introduction of

this type of sheep here, Marlin’s dependence on this source of supply is diminishing. Selected farmers throughout New Zealand are grazing more than 10,000 Drysdales and all the wool from these is used by Marlin.