M.S.D.-Speirs had record year

Press, Volume CXIII, Issue 33241, 2 June 1973, Page 18

M.S.D.-Speirs had record year

(New Zealand Press Association)

WELLINGTON, June 1

For the sixth year in succession, M.S.D.Speirs, Ltd, building supplies merchant, increased sales and profits to .record levels, the directors’ preliminary report shows.

Sales increased by $2.7m. or 46.6 per cent to sB.sm. and unaudited group net profit was doubled to $389,000.

The figures for the year to March 31 include those for Craigwin Development, Ltd, for a full year and for Totara Park Development, Ltd, for six months. A final dividend of 8 per cent is recommended, making 15 per cent for the year com-

pared with 12-1/2 per cent last year.

I The directors plan to make a one-for-five bonus issue out of capital reserves, and a one-for-12 premium issue on the (Capital increased by the ’bonus issue later in the year. The new shares will be I issued at 250 c, being at a premium of 150 c a share.

Dates of the closing of the share and convertible note registers for determining entitlements to dividends, bonus, and cash issues will be advised later. Holders of convertible notes will participate in the bonus issue by the alteration of the ratio of conversion but their entitlement to the cash issue will be calculated on the present conversion ratio, which is three ordinary shares for every four notes.

This would entitle note holders to one new share for 250 c for 16 notes.

Bank rate raised Japan has raised its bank rate from 5.0 to 5.5 per cent, it w'as officially announced. The Bank of Japan said the increase had been made in order to tighten credit. The bank also announced that it had raised by 0.25 per cent the ratios of reserve-require-ment deposits held by commercial banks. The new ratios, effective from June 116, will be 1.75 per cent for !time deposits, and 3.0 per cent for demand deposits.