Clark Stores seeks $2M
NZPA Sydney Clark Rubbers Stores, Ltd, is seeking sAust2.oM from a cash issue of shares, which is $500,000 more than the target suggested by the company in July. The funds are to assist in the purchase of the injection moulding and extrusion activities of Advance Industries, Ltd. The directors paid S2.OM of the total purchase price of $4.3M: in July, and the balance is due in instalments on December 31 this year, next year, and in 1978; 12 per cent interest is payable on the reducing balance. The issue is being made on the basis of one new share at 175 c each for every five units held on September 28. The directors expect the current rate of dividend to be maintained on the increased capital. Last month the directors announced an increase in the annual ordinary dividend rate from 12c a share to 14c a share after an 18.5 per cent increase in group net profit to a record $2.3M in the year to June 30.
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Press, 6 September 1976, Page 14
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171Clark Stores seeks $2M Press, 6 September 1976, Page 14
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