Debate On Begg Bd Nominee Continues

Press, Volume CIX, Issue 32077, 27 August 1969, Page 16

Debate On Begg Bd Nominee Continues

(New Zealand Press Association) WELLINGTON, August 26. The crux of the continuing argument on the composition of the directorate of Charles Begg and Company, Ltd, rested on only one factor—that the company had made losses of. staggering proportions over the last few years and was to pay no dividend this year, Mr G. M. Tolhurst, of Wellington, said in a statement today.

Mr Tolhurst, a shareholder in toe company. replying to remarks made by the chairman of the company (Mr W. H. Masters) in a letter to shareholders. In an earlier statement to the Press Association, Mr Tolhurst said the directors had been remiss in not finding a director from the selling side of the business after they had indicated at the last annual meeting of the company that they would do so. In Ms third letter to shareholders, Mr Masters claimed that Mr Tolhurst’s statement was untrue. Mr Tolhurst is one of the nominators of Mr W, J. Sinton, of the Dunedin branch of the company, for a seat o® the board. Mr Tolhurst said that in

spite of Mr Mreters’s el»im» concerning recent appointees to the board, there was still no one on it with practical Charles Begg retail experience. ‘This is why Mr Sinton’s nomination for a seat on. the board has received such enthusiastic support from all quarters,” said Mr Tolhurst A.G.C.s7.6mOf Outstandings (N.Z. Brass Association! AUCKLAND, August 26. The Australian Guarantee Corporation (N.Z.), Ltd, had outstandings of $7,594,021 at June 30. The prospectus for the slm debenture issue was announced earlier—with right to accept oversubscriptions to a further s2m. Of these, $4,256,400 were on loan to the sister company, Alliance Finance Corporation (N.Z.), which finances Ford sales in New Zealand.

At June 30, the company had borrowed $6,001,938 on debentures.

The net profit in the year to June 30 was $119,718. As announced, the company is offering interest rates varying from 41 per cent for six months to 7t per cent for 12 and 15 years. The debenture stock is unconditionally guaranteed by the Australian parent company, In which the Bank of New South Wales holds a 43 per cent Interest The trustee Is the New Zealand Insurance Company, Ltd|

Deanes Pref. Shares

Deanes Industries, Ltd, intends to offer to redeem in full or in part $194,300 cumulative redeemable 6 per cent preference shares. An offer will be sent to all registered shareholders soon and payment will be made in full on receipt of signed offer and scrip. The offer does not cover redeemable B preference shares. NJE. Insurance Sir Clifford Pliinmer has resigned from the board of the New Zealand Insurance Company, Ltd, after 14 years service. Announcing this, the chairman (Mr A. G. Wilson) said that the resignation had been accepted with great regret.