Mining Finance Firm

Press, Volume CIX, Issue 32252, 21 March 1970, Page 18

Mining Finance Firm

(N.Z. Press Association) , AUCKLAND, March 20. ' A mining finance company. Oil and Mineral Securities.: Ltd, has been registered ini Auckland as a public company. Its paid capital initially i will be s2m in 10 million 20c shares It is understood that several overseas interests will have a substantial stake in the new company, which plans to make a public issue when: formalities have been conclu ded. It appears that the company will be simitar to Mineral Securities, Australia, Ltd, which was formed in 1965, mostly by non-Austra-lian interests, and floated to the public in 1967. Mineral Securities now has large interests in the Aberfoyle group (comprising Ardlethan, Cleveland Tin, N.A.U.C., Greenbushes Tin, Golden Plateau and Paringa). Cudgem, Petroleum Securities, Amad. Pexa and others. It has just arranged a 40 per cent interest in Robe River, Ltd, which will be the

- Australian participant in the large iron ore scheme. Original subscribers to oil] jand mineral securities, all for] one share, are Messrs I. L.l I Haynes, W. N. White, L. B.| ‘Haynes, K. W. Berman. D. F Dugdale. W. .1. Sandman and Dr W. Layton. Top Profit | By Allen I (N.Z. Press Association) I i AUCKLAND, March 20. ] The group net profit of; 1 Allen Industries, Ltd, of Auckland, for the year to • December 31, was a record] ’ for the company, the chair ] 1 man (Mr L. R. Allen) said • in his annual review. It was mainly due to a • considerable increase in ‘ dividends received, mostly ■from one associate company. 1 Sellotape Industries, which ' again achieved record sales. ' Mr Allen said the expansion and reorganisation of the company that began in 1969 should show worth-while benefits this year, and he] ] expected improvements in] the results of the whollyI owned subsidiaries in the next trading period. ] The published accounts: confirm the group net profit of $192,848 after providing $21,049 for tax and $23,098 for depreciation. The directors recommend a final dividend of 74 per cent, non-taxable in the shareholders’ hands. With the interim dividend of 5 per cent, this makes 121 per centfor the year, as against 11 per cent last year. Correction.—Cunzinc Riotinto lof Australia advises that the "ex entitlement'’ date for the comalco issue is April 1. I MaUkano.—Fin. 9* p.c., pay | able June 12; ex dividend June ,16 (makes 173 p.c. for year).