Maple Debentures

Press, Volume CX, Issue 32209, 30 January 1970, Page 17

Maple Debentures

(New Zealand Press Association) AUCKLAND, January 29. Maple Furnishing Companies, Ltd, the Auckland-based retailer which plans to merge with Smith and Brown Holdings, Ltd, is offering interest rates from 6| per cent to 7| per cent in its $400,000 debenture issue.

The directors said in the prospectus to the issue that the proceeds would be used for working capital to finance the increasing volume of business and for the general expansion of the company. They do not reserve the right to accept and retain over-subscriptions.

Terms and interest rates are: five years -• 61 per cent; eight years at 6} per cent: 10 years, 15 years and 20 years at 71 per cent. The 20-year debentures will be issued at 99 per cent. Commenting on Maples trading, the chairman (Mr H. T. Thomas), said that sales in the first six months of the current year had showed a satisfactory increase over the previous corresponding period. In spite of rising costs, trading profit had risen also, he said.

Yates Div. Now 10 p.c. (N Z. Press Association) AUCKLAND, January 29. Arthur Yates and Company, Ltd, the Aucklandbased seed, plant and fertiliser merchant, has raised its dividend from 9 per cent to 10 per cent on the strength of a 12.5 per cent rise in profit in the year to November 30. The tax-paid profit rose 19,500 to $176,000, the directors said today. This result is subject to audit. Sales increased $450,000 or 9.5 per cent, to $5.18m. The latest profit represents an earning rate of 20.6 per cent on average capital, compared with 20.8 per cent in the previous year. During the year the company issued 147,000 100 c shares to its smaller shareholders and the public, at a premium of 38c a share, to achieve a sufficiently large spread of the shares to qualify for stock exchange listing. The issue took paid capital to 900,000, and the new shares rank only for the final dividend of-7 per cent, which is payable on April 2, ex dividend, March 20. The total pay-out for the year takes $85,592.