O’SEAS ASSOCIATION FOR R. HOLT

Press, Volume CX, Issue 32308, 28 May 1970, Page 18

O’SEAS ASSOCIATION FOR R. HOLT

The directors of Robert Holt and Sons, Ltd, Napierbased timber group, will seek shareholders’ approval for an issue of shares to three overseas companies, giving them up to 24.9 per cent of Robert Holt’s capital.

It had been apparent for some time that with the expansion of New Zealand’s forest industries, companies engaged in this field would be dependent on overseas markets for their continued growth and prpsperity, arid that particular emphasis would be placed on the Pacific and Asian markets, they said.

“Your directors have made a thorough study of ways and means to take advantage of this changing pattern of trade, particularly with regard to the financial marketing aspects necessary ip such an expansion of the company’s activities,” the chairman (Mr H. R. Holt) said in a circular to shareholders. “We have recently had discussions with the directors of The North Borneo Timbers Berhad, the Bombay Burmah Trading Corporation, Ltd, and Wallace Bros and Company (Holdings), Ltd, with a view to them becoming associated with us by acquiring a minority interest in the equity capital of our company. “All had previously indica-

ted their desire to extend their interests to New Zealand by way of investment in a timber company and its associated activities,” the circular said. Sharland Pref. Share Swap The directors of Sharland and Company, Ltd, are communicating with all holders of preference shares, asking them if they will have these shares exchanged for ordinary shares. Until this has been arranged holders of preference shares are advised not to sell their shares. Profit Rise By Tr. Nelson Transport (Nelson) Holdings, Ltd, yesterday announced preliminary tai paid profit for the year to' March 31 of $303,000. A final dividend of 54 per cent, making a total of 10 per cent for the year, will be recommended, payable, on August 21; ex dividend August 1.