Lanes capital changed

Press, 29 October 1977, Page 21

Lanes capital changed

Lanes Industries, Ltd, has obtained the consent of the Supreme Court for the reduction in capital to $425,560 comprising 851,120 ordinary shares of 50c, all fully-paid.

On April 1. 1978, the maturity of the convertible notes will raise ordinary capital $lOO,OOO to $525,560. The unaudited net profit for the six months to September 30 was $93,429. after providing for taxation of $96,378.

After a change in the valuation of work-in-progress the profit is inflated $9495.

A profit of $57,000 was earned in the previous corresponding period after making a nil allowance for taxation.

The first-half profit is considered very satisfactory, but forward-orders indicate a significantly lower level of activity in the last five months of the year the directors say. Intentions clarified Southern Packers Proprietary Ltd, says it has no intention at present of taking its shareholdings in Marrickville Holdings, Ltd, beyond 50.1 per cent. Southern Packers had bought 46.5 per cent of Marrickville’s capital by October 24. N.Z.I. issue filled

The tenth debenture issue of N.Z.L, Finance, Ltd has closed over-subscribed by more than $6.5M. Interest rates for the new debenture issue number 11 remain unchanged at: 6 months — 10| per cent a year, 12 months — 12 per cent, 2 years — 12 per cent, 3 to 5 years — 12i per cent. The free death-by-accident insurance policy is available on the three, four and five year terms.