Prop. Secs Achieves Sound Foundation

Press, Volume CIX, Issue 32127, 24 October 1969, Page 14

Prop. Secs Achieves Sound Foundation

(New Zealand Press Association) WELLINGTON, October 23. “The last year was the fourth year of operations but the first full year in which the whole of the paid-up capital of slm was available to us for our investment and development activities,” says the chairman of Property Securities, Ltd (Mr F. H. Renouf). ,

In his review accompanying the accounts released today, he says “the company’s activities, have, as anticipated last year, concentrated mftirily in the promotional arid lease-back fields.

“In the Short-term our activities will continue to concentrate mainly on these spheres with due regard

1:6 Bonus Issue Bv Am. Batt. The directors of Amalgamated Batteries, Ltd, Christchurch battery manufacturer, will recommend to the annual meeting on December 4. a one-for-six bonus issue of ordinary shares on preference and ordinary shares, and a dividend of 10 per cent on preference and ordinary shares, including the bonus issue. The register will close on I November 21, to December 4. I

being given to the nature of the project, the stature and strength of the tenant and the length and security of the sublease." “Our investment portfolio now provides a sound basic income. Rental provisions will provide increasing returns over the years,” Mr Renouf says. As already announced, net profit rose from §68.162 to §95,692 during the year to July 31, the result being reached after providing §12,794 (§10.937) for depreciation and §111,518 (§75,022) for taxation. A final dividend of 4 per cent is recommended, making 7 per cent for the year, compared with 6 per cent in 1968 and 5 per cent in 1967. The

dividend requires $70,000 ($52,500) and is covered 1.4 times. The consolidated balancesheet shows total shareholders’ funds $1,111,507 (81,077,604 in the previous year) with outside shareholders’ interest in a subsidiary company shown as $101,224 ($82,583).

Profit Recovery By Publisher

The group net profit of the Wellington Publishing Company, Ltd, publisher of the “Dominion,” in the year to September 30 exceeded $230,000, the directors announced in a brief statement. The profit, which is subject to audit, compares with §126,230 last year. A final dividend of 6 per cent is recommended. This will restore the annua! rate to the 10 per cent paid last in 1966.

The dividend is .payable on December 17, ex dividend December 3.

McSkimming Div. Passed

The directors of McSkirnmining industries Ltd, Dunedin, announced yesterday that there would be no interim ordinary dividend. The company paid no dividend last year.