Commercial news in brief

Press, Volume CXII, Issue 33063, 2 November 1972, Page 19

Commercial news in brief

Pacminex pulls out Waihi Exploration and Mining, Ltd, is looking for new partners after the decision of Pacminex, Pty, Ltd, to pull out of the joint venture, the chairman of Waihi (Mr I. W. McKinnon) reports. Pacminex, a subsidiary of the Colonial Sugar Refining Company, Ltd, pulled out because its exploration did not reveal deposits on a large enough scale of interest. Waihi was convinced it was worthwhile continuing as its holdings were the best available in New Zealand, the re-i port said. Increased dividend The directors of Pioneer Sugar Mills, Ltd, Sydney, said that in anticipation of an increase in net profit, the company had decided to declare an increased interim dividend rate of 10 per cent (last year 8 per cent) payable on December 22. The improved final maintenance of a high world price for sugar throughout the season was the principle reason for the interim dividend rise, directors said. Offer unconditional Brierley Investments, Ltd, has declared its offer for all the shares of Asparagus, Ltd, to be unconditionaL Valid acceptances had been received for shares representing in excess of 50 per cent of the issued capital. Cheques, for the cash portion of the offer, are being sent to all former shareholders of Asparagus and letters of allotment for shares in Brierley Investments accompany the cheques. Computer links I.D.A.P.S. Computer Science, Ltd, has acquired a 24.9 per cent shareholding in the New Zealand Computer Service organisation, Commercial Computer Centre, Ltd (C.C.C.). Commercial Computer Centre was formed in 1970 by the New Zealand Insurance Company, Ltd, and Bond and Bond, Ltd.

Lombard profit rise Lombard Australia, Ltd, increased net profit for the year to September 30 by 34.4 per cent to $2,342,000. The higher profit was earned on gross income which rose by 27.3 per cent to $13.7m. From this amount, sB.7m ($7.15m in the previous year) was paid in interest and $lBO,OOO ($138,000) provided for depreciation. On a pre-tax profit of $4,848,000 ($3,496,000) income tax of $2,506,000 ($1,754,000) was provided. Perpetual trading The directors of Perpetual Trustees Estate and Agency Company of New Zealand, Ltd, have said that trading for the six months to September 30 shows satisfactory results, with increased business in the company’s activities. At a meeting of the board, held yesterday, an interim dividend of 2! per cent was declared for the current year, payable immediately.