Commercial news in brief

Press, Volume CXII, Issue 32977, 25 July 1972, Page 16

Commercial news in brief

Liquidity problem Minerals Recovery (Australasia) NL, will make a 5c call on its 10c contributing shares during September, directors anounced in the June report. Despite borrowings of $400,000, the company’s liquidity position has been affected by the continuance of drought conditions causing a retardation of mining production at Emmaville, New South Wales, and, although efforts to obtain alternative water supplies from underground sources have been successful the directors say it is necessary that a further $400,000 be raised to maintain liquidity until sufficient funds are generated from operations. Total expenditure during the quarter was $255,775 and, revpnue from sales of tin concentrates received up to June 30, amounted to Offer unconditional Walloo Pty, Ltd, has declared its take-over offer for General Industries, Ltd, unconditional. Acceptances for more than 94 per cent of the ordinary shares and 84 per cent of the preference shares, were received.

Fund of N.Z. Fund of New Zealand has increased the net value of its assets by 9 per cent in its first eight months, and each unit in the fund now has a net asset value of $1.09, the directors say. A 30,000 sq. ft. factory has been purchased at Wiri for $280,000 and plans to extend the building by 34,000 square feet for use by the present occupier, are advanced. Bounty suspended Trading in the shares of Bounty Oil, Ltd, has been suspended in New Zealand pending clarification on Bounty’s position after a take-over bid from Murumba Oil on June 16. The New Zealand Stock Exchange Association said that it had received no official notice of the bid and found itself trading the shares on a different basis from that in Australia. —(P.A.) Mauri acquisition Mauri Brothers and Thomson, Ltd, said they had acquired for cash the shares in Southern Cross Industries, Ltd, Hamilton.—(P.A.) Travelodge Southern Pacific Properties, Ltd, has advised Travelodge Australia, Ltd, that its offer to stockholders in Travelodge had been declared free of the minimum acceptance condition. Southern Pacific said it has received acceptances amounting to 34.7 per cent of the issued capital and the offer will close on July 31.—(P.A.)