Commercial news in brief

Press, Volume CXII, Issue 33065, 4 November 1972, Page 21

Commercial news in brief

Offer increased

M.S.D.-Speirs, Ltd, has extended the last day for acceptances of its offer to acquire the contributing shares in Totara Park Development, Ltd, to November 10.

Now that Land and Building Systems, Ltd, has withdrawn its offer, M.S.D.Speirs has decided to increase their price to 125 c which will be paid to all shareholders accepting its offer by November 10. Those shareholders who have already accepted the M.S.D.-Speirs offer will receive an additional 15c a share.

I.E.L. bid scrutiny

The bid by Industrial Equity, Ltd, for the Sydney motor dealer, Boyded Proprietary, Ltd, is being studied by the Federal Government under the new measures to restrict overseas control of Australian industries. Industrial Equity, which is controlled by Brierley Investments, Ltd, has been informed by the Prime Minister’s department that a preliminary examination of its bid for Boyded has been completed and the bid has now been referred to an inter-departmental committee for more detailed study. N.Z.I.G. allotment

New Zealand Industrial Gases Ltd, has allotted 100,000 100 c ordinary shares to Carbonic Ice, Ltd, and its nominees, in part satisfaction of its purchase of the CO2 and dry ice business. The shares rank equally with the existing ordinary shares of New Zealand Industrial Gases.

Babot No. 2 well

Republic Petroleum Corporation (N.Z.), Ltd, reports that its Northland well, Babot No. 2. at Kaiaka, east of Kaitaia, has reached a depth of 1100 feet and is drilling ahead. The well is being drilled by Republic Mineral Corporation of Texas as operator, under a farm-out agreement with Republic Petroleum Corporation (N.Z.), Ltd, and Hyde Oil (Kaitaia), Ltd.

Tourism worth s7om

The 227,000 overseas visitors to New Zealand last year spent s4lm, the Minister of Tourism (Mr Walker) said in Westport. This figure was expected to reach 500,000 by 1980, he said. Mr Walker said that Air New Zealand had contributed an additional s2Bm, indicating the growing importance of tourism to New Zealand’s economy. Name change Lusteroid Holdings (N.Z.), Ltd, has changed its name to Lusteroid Paints, Ltd. "Nothing else changes, and any minor side effects will only be advantageous,” the directors say in their announce, ment.

North Sea search Target Petroleum, N.L., is one of a consortium of 10 international oil companies which will carry out a seismic evaluation of certain areas of Norway in the North Sea, the directors said. On completion of the survey, the consortium may elect to file applications with the Norwegian Government in response to invitations for bids, expected to be solicited by the Government in the near future. The operator for the consortium is a Londonbased company, Invent Incorporated.

Profit raised again

The directors of Hooker Corporation, Ltd, will recommend an increased final dividend of 5 per cent, making a total of 10 per cent (last year 9 per cent), payable November 30. They say that net profit for the year was $635,000 or 19.4 per cent higher at $3,9m. This creates a profit record for the fifth successive year. The provision for depreciation was $904,000 and amor, tisation was $lOO,OOO. —(P.A.Reuter). Bid for Briscoes Merbank Corporation, Ltd, and Oliver-Davey Glass Industries, Ltd, have announced plans for a joint take-over of the Melbourne hardware group, Briscoes, Ltd. The two companies say they will offer 65c a share, valuing Briscoes at $1,950,000. A successful take-over would be the first step towards Oliver-Davey extending its glass distribution operations into New Zealand. Briscoes, which sold its Australian hardware business in 1970, has an extensive chain of outlets throughout New Zealand, which would give OliverDavey the necessary building supplies contacts. Offer withdrawn Notification that it had withdrawn its takeover offer for Totara Park Development, Ltd, has been given to the stock exchange by Land and Building Systems, Ltd. Letters advising of the withdrawal of its offer will be sent to all Totara Park shareholders and directors.