Wisemans Future Undecided

Press, Volume CVIII, Issue 31784, 14 September 1968, Page 18

Wisemans Future Undecided

(New Zealand Press Association) AUCKLAND, September 13. Should all the assets be realised and the shares then sold to an investing syndicate or company, shareholders should receive $1.40 a share, equivalent to $2.10 before last year’s bonus issue, the chairman of Wisemans Holdings, Ltd (Mr D. St Clair Brown), told the annual meeting when the company’s future was discussed.

Considering that the shares were selling between 80c and 90c before the bonus issue

this might well be considered satisfactory to shareholders who retain their holding. Mr Brown said. From the sale of the retail subsidiary shareholders could be paid all funds in excess of the paid capital. This would enable reinvestment, while in addition shareholders may prefer to realise on their total holding, Mr Brown said. A provisional balance sheet presented to the meeting shows shareholders’ funds of $790,568 (up $15,829, including preference capital of $60,000 and ordinary capital of $508,422). It was not an opportune time to return funds now, he

The meeting decided to defer this matter until the time directors would be in a better position to make more specific recommendations.