COMMERCIAL Big Edmonds Shareholders Prepared To Sell Rights

Press, Volume CIX, Issue 32166, 9 December 1969, Page 25

COMMERCIAL Big Edmonds Shareholders Prepared To Sell Rights

Sewral large shareholders in T. J. Edmonds, Ltd, the Christchurch food grod, have agreed to sell their rights to the company’s new one-for-five cash/ssue.

The chfrman (Mr C. W. Evim ■ M yesterday that 'h's wojl make the new shares tire widely spread, bringing the distribution into lie with the stock “xchan/’s listing requirements.; (Thefcompany’s shares at Present are not officially •istedJ The/issue, which will be unde#ritten by Daysh, Reno# and Company, of WelMigton, will be 118,600 lOOcthares at 300 c each. They wili/be offered in the ratio of Fne for five, ex issue Jaritary 16. pareholders will have the

right of renunciation, Mr| Evans said, and the issue will be open till February 27. The underwriters will account for rights sold for major shareholders and others who accept the underwriting proposal of 75c a right Steady Interim Announcing a steady 5 per cent interim dividend payable on December 19, Mr Evans said both sales and profit in the half-year to September 30 were about 20 per cent ahead of the 1968 half-year. The directors expect the increase to continue and last

(year’s dividend rate—ls per cent—to be paid on the higher capital. The new shares will earn half of the final payout of the current financial year. Mr Evans said that the issue would, raise $335,800 and the funds would be applied in the planned development of the company’s business, particularly in the areas of the newer subsidiaries and the industrial division Edmonds Food Services, Ltd.