Higher dividend for Prop. Securities

Press, Volume CXI, Issue 32563, 24 March 1971, Page 26

Higher dividend for Prop. Securities

Profits of Property Securities, Ltd, to date showed a very satisfactory increase on the profit levels at the same time last year, said the chairman (Mr F. H. Renouf) today.

“The proceeds of the 1 for 4 cash issue at par have been well utilised, and the earning rate has been more than maintained on the increased capital,” Mr Renouf said. “An interim dividend of 41 per cent (last year 3 per cent) will be paid on April 20 to shareholders registered on April 2. The share register of the company will be closed from 5 p.m. on April 2, 1971, until 9 a.m. on April 12,” he said. “The directors are confident that, barring any unforeseen circumstances, it will be possible to again raise the dividend rate for the fourth year in succession, and it is anticipated that a final

dividend of 4l per cent (making a total of 9 per cent for the year ending July 31, 1971), will be recommended to the annual general meeting in November. “A full interim report will be issued to shareholders on April 20,” Mr Renouf said. Midland Coachlines Midland Coachlines, Ltd, has decleared an interim dividend of 4 per cent, the directors announce. The new shares are entitled to half this dividend, in terms of the prospectus. The dividends will be paid on March 31, ex dividend March 25.