Commercial news in brief

Press, Volume CXII, Issue 32998, 18 August 1972, Page 15

Commercial news in brief

No recommendation

The board of directors of R. W. Miller (Holdings), Ltd, considers that the price offered in the take-over offer made by Howard Smith, Ltd for Miller shares is fair and that in ordinary circumstances the board would recommend acceptance, but because of the current legal action regarding the recent allotment of 4.5 m shares to Howard Smith, Ltd, the board thinks that it is not in a position to make a formal recommendation of the offer at this stage. The offer will remain open until November 17, and the Miller board will, as soon as it is in a position to do so, make its formal recommendation to shareholders.—(P.A.)

Hanimex exports

Hanimex Corporation, Ltd, Australian photographic, sound, and electrical equipment manufacturer and distributor, increased export sales from $2.5m to a record s2.Bm in the year to June 30. Sales are growing in the 60 countries to which Hanimex exports and when slide projection manufacture is established in the United Kingdom the company expects a significant increase in international sales. British production will begin late next year and is budgeted to reach s4m a year in 1975 and sBm in 1977.

Subsidiary bought

After a series of share purchases over the last year, Email, Ltd, now owns the whole of the share capital of its New Zealand subsidiary, H. W. Clarke (N.Z.), Ltd. H. W. Clarke hold the distribution franchises in New Zealand for the Westinghouse Electric Corporation, of America, and the Mitsubishi and Sony corporations, of Japan. No bid for B.H. Sth The directors of Broken Hill South, Ltd, yesterday said, in response to a stock exchange query, that they knew of no reason for the recent rise in price of the company’s shares. They knew of no planned take-over offer for the company as rumoured on the Melbourne and Sydney stock exchanges but as the company is still negotiating the sale of its mine in Broken Hill this could be misconstrued as a take-offer offer, the directors said.—(P.A.) Pye Industries The directors of Pye Industries, Ltd, report a profit of $229,100 dollars—an increase of $181,400 (after provision for depreciation and taxation) for the six months to June 30, compared to the corresponding period of last year. Sales are 9 per cent higher than the previous corresponding period. The results have not been subject to audit.—(P.A.).

Brambles Ind.

The group net profit of Brambles Industries, Ltd, rose by 2.7 per cent to $4.3 million in the year to June 30. The result was after an increase in turnover of 16.6 per cent, and providing $817,000 less for tax at $2,432,000, and $812,000 more for depreciation at $6,690,000. A final 7 per cent dividend makes an unchanged 14 per cent for the year, payable on October 24. Mauri bonus issue

Mauri Brothers and Thomson, Ltd, will make a one-for-four bonus issue of shares to shareholders registered on October 5. The company will pay a final dividend of 5.75 per cent making 11.5 per cent for the year to May 31, after an increase in group net profit from $2,700,608 to $3,000,193 in the latest year. The profit is after tax of $2,567,007 ($2,539,206) and depreciation of $793,395 ($940,124). Sales increased by about seven per cent during the year. The dividend will be paid on October 6 to shareholders registered on September 15. (P.A.-Reuter). INDICES

New Zealand.—Financial Research and Management, daily index base 100. January 21, 1957. Aug. 11 300.47 Aug. 14 300.34 Aug. 15 300.14 Aug. 16 299.83 Aug. 17 299.95

Rights market

Sydney —Sydney Stock Exchange (July 1931. June, 1939). Retail Ind. All Ords Aug. 11 . . 472.75 500.37 594.84 Aug. 14 . 476.67 503.21 597.49 Aug. 15 . . 478.20 503.70 598.29 Aug. 16 . 485.95 507.75 603.02 Aug. 17 . . 487.94 507.38 603.42 London —“Financial Times. Indust. Gvt Gold Aug. 11 .. 524.4 73.00 99.5 Aug. 14 .. 528.2 73.00 98.0 Aug. 15 .. 536.8 73.03 98.5 Aug. 16 . . 537.9 72.61 100.9 New York.—Dow Jones. Rails Indust. T’over Aug. 11 237.62 964.18 16.570,000 Aug. 14 236.03 973.51 18,870.000 Aug. 15 343.45 969.97 16,670,000 Aug. 16 323.51 964.25 14,950,000

Buy Sell Sale Broadlands .. 38 — 38 Healing .. — 35 33 Mt Cook — 56 55