M. O’BRIEN RESULT
Trading Profit $36,968 M. O’Brien and Company Ltd, the Christchurch footwear manufacturer which had a receiver-manager appointed two years ago, earned a trading profit of $36,968 in the year to June 30. The result is not liable for tax this year. There was a loss on sale qf assets of $991. After writing down capitalised fees in respect of the proposed Shirley building of $3548, the net profit (after non-trading items) was $32,429 which was carried forward.
The total of the capitalised fees written off amounted to $12,923. Apart from the $3548 from profit and loss appropriation, $BlO3 was used out of capital reserves, and $1272 from a capital profit on the sale of the Stanmore Road property.
The Land and Buildings Account is therefore $12,923 lower. Shareholders’ funds stand at $431,928.
Offer For Bounty Brins Australia, Ltd, and Harbourside Oil N.L., intend to make an offer to the shareholders of Bounty Oil, Ltd, for up to 20m shares.
Shareholders will be offered one share in Palgrave Corporation, Ltd, in exchange for 20 of Bounty’s shares. Formal documents-will be dispatched to all shareholders of Bounty as soon as possible, and the offer will be open until close of business on September 30.
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Bibliographic details
Press, Volume CX, Issue 32392, 3 September 1970, Page 14
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205M. O’BRIEN RESULT Press, Volume CX, Issue 32392, 3 September 1970, Page 14
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