Commercial news in brief

Press, Volume CXV, Issue 33875, 21 June 1975, Page 19

Commercial news in brief

Challenge issue An issue of $229,600 prior lien debenture stock in $lOO units by Challenge Corporation, Ltd, has been listed by J the Wellington Stock Ex-! change. The interest is 9.5 ! per cent, and the issue ma-1 itures on June 29, 19805 'lnterest is payable on Febru-i ary 28 and August 31. The i first payment will be August |3l, 1975. U.K. Co-op offer ! A cash and conversion} 1 offer of .$300,000 debenture stock, at three years, 10 per: cent, four years, 10 J per! cent with the right to accept $200,000 over-subscriptions.! has been made by the] Hawkes Bay Farmers Co-op, Association. Ltd. Holders of! debentures maturing on June 30. 1975. have prior right up ito June 30. lust. debentures David Jones Finance, Ltd plans a s3m debenture issue, offering 11.5 per cent for; ! one year, 12.5 per cent for two years and 13 per cent for three and four years. Alien’s Confectionery. Ltd j has announced the place-! men! of slm of debenture: i stock to provide additional . working capital. The deben- > tures are for five years at a hate of 13.25 per cent. I

! Higher dividend Reckitt and Colman Australia. Ltd. seems likely to continue its long string of' record profits this year after! a 10.6 per cent improvement in earnings for the April half-year. However, the directors are cautious about the year’s result — saying that the profit will depend lon there being no marked "departure from the level of economic activity and conditions generally experienced I in the first six months of 1975.” They have recommended an increase in the interim dividend from 8 per cent to 10 per cent. Issue filled The issue of slsm debenture stock to shareholders of , lE. Z. Industries, Ltd, has: now been closed, fully sub-: 'scribed. Flinders the buyer Flinders Petroleum, N.L., has disclosed that it was the buyer of the 4.2 million 1 shares in Arrawatta Holdings, Ltd, which were sold on the [Sydney market on June 11. The shares were sold by Patrick Corporation. Ltd, at 1.5 c each. The directors of Flinders say the shares were bought on behalf of a consortium which is not at present associated with Fliniders Petroleum or Arrawatta.

■ Plenty of work Project Development Corporation, Ltd, expects its i construction division to oper!ate in the black this year. Last year the division lost $l.l million in the first six months of the year, but returned to profitability in the second half with a net profit of $332,506. The chairman (Sir Paul Strasser) told the annual meeting that the construction division had sufficient work for at least four years. Agnew plan delayed The financial viability of' ! the Agnew nickel project! has not yet been established I and the decision to proceed i I deferred, Western Seicast I Pty, Ltd. and Mt Isa Mines,: Ltd, said. Design work on I ;:the project, which they sayi •is technically feasible, is! continuing, and the position will be kept under constant ! review. The effect of in-1 flation on capita! and oper-j I ating costs in relation to the; international price for ■nickel has caused the delays. Issue filled The issues .of first ranking debenture stock of Bing Harris and Ltd, has closed fully subscribed. Applications and reservations received to date total • $1,250,000. the maximum amount, inclusive of over-. 1 subscriptions,