T.N.T. raises interim

Press, Volume CXI, Issue 32525, 8 February 1971, Page 17

T.N.T. raises interim

Thomas Nationwide Transport, Ltd, intends to increase its dividend rate for the second successive year.

The company has declared an interim of 8 per cent, and the directors say they are Iconfident that an annual rate lof 16 per cent will be established at the next annual i meeting. I Dividend for 1969-70 was : raised to 14 per cent (interim 17, final 7 per cent) after four years of 12 per cent payments. It was covered by earnings of 24.9 per cent on capital.

The directors say that revenue and profit for the December half-year continued at satisfactory levels, and exceeded the previous corresponding figures. They say that the full halfyearly report, giving details of profit and balance-sheet figures, will be issued later this month. They add that the offer for F. H. Stephens (Consolidated), Ltd, has not been accepted by the required number of shareholders and has lapsed. Acceptances and scrip have been returned.

As already reported, Mayne Nickless, Ltd, has declared its offer for F. H. Stephens unconditional with ’acceptances past 61 per cent. Wallace notes D. McL. Wallace, Ltd, announced yesterday that convertible notes held in the company will be converted to ordinary 50c shares on the basis of one share for every one note on March 1. Conversion will be effected on note holdings as at February 10, and note certificates should be forwarded to the company immediately after this date. In accordance with the terms of the trust deed these shares will rank equal in all respects with all issued ordinary shares in the company, save that they will participate in two-twelfths only of any dividends which may be declared in respect of the year April 30.