PREMIUM ISSUE BY L.D. NATHAN

Press, Volume CVII, Issue 31502, 17 October 1967, Page 22

PREMIUM ISSUE BY L.D. NATHAN

<N Z Press Association) AUCKLAND, Oct. 16. L. D. Nathan and Company, Ltd, Auckland merchant with brewery and ■oft'drink interests, will raise $475,770 in a one-for-10 issue of ordinary $1 shares at a premium of 25c each. The issue will be made on holdings of shares and con-

vertible notes as at December 1. The new shares will be payable in full by January 31. They will rank for dividend from that date. The issue will lift paid capital; all ordinary, by $380,617 to $3,665,081. In addition, there is $521,700 in unsecured convertible notes, converting at par on April 30, 1969. Shares and convertible notes will become ex rights on November 20. The directors said the object of the issue was to provide for the increased capital requirements of three of the company’s subsidiaries. Extra funds to finance the expanding activities of the group were also needed. The company floated to the public with an issue of 300,000 $2 shares at g premium of 50c each in September, 1960. In July, 1964, the unsecured convertible notes were issued at par in a ode for four issue. Since 1960, dividend had been increased from 6 per cent to 10 per cent. Last month, the directors announced a 9.4 per cent increase in consolidated net profit for the year to July 31, representing an earning rate of 18.4 per cent on capital.