Fletcher gains 14c

Press, 18 July 1980, Page 16

Fletcher gains 14c

v ■ RISES;' - New;Ze4lai’d Price Var’n

Rises outnumbered falls by two to one on a firm, moderately active New Zealand sharemarket yesterday. Market leaders continued to be keenly sought. N.Z. Forest Products further 5c to 250 c, Fletcher 14c to 346 c, South B ritish 10c to 295 c, Challenge 3c to 255 c, and Winstone 3c to 85c. Cooks Wine fell 16c to 150 c after Penfolds Wines (N.Z.) decided not to proceed to bid for the shares. Healing gained 5c to 270 c o n a good annual report, but Lane Walker Kudrin eased 2c to 108 c as investors awaited the'restructuring annouiicementvfro,m directors. ’•

NATIONAL SALES

AHarvey, 5800/220, and 220,000/ 215; Alliance, 500/47; AFCoop, I2uu/28a, and conv.. p£--300/27 □; All Hex. 2200/115, 300/116; AMBisiey, (400/200); Ampol, ■3OO/17a; Anßeaven,' 500/109, and nts, 600/; 95; Andas,’2oo/111), 700/108; ANZBanKNZ, 1000/220, 2700/213) AWrigm, 200/230; Atlas, 2200/37, and 10 pc pf; 3200/30; BalUps, 2300/71. 750U/70,/ and conv, “pf, 2700/65; BingH; .700/71; BNZEin> 600/240; Briy, 5800/307, 3200/308; BHP, 200/1900,- ■ 600/1930; CPD, 18,01)0/195, and conv -pf, 100/170; CEM, 200/202; Can Tim, 1600/315, and conv deb, 700/275; CartHolt,700/420; Ceramco, 17,400/220, and conv pt, 200/10Q; Challenge, 2400/ 254, ■ 3200/255,:' 100/252, and . rts, 12,187/35, 2278/34; ChPress, 300/ 275; Clyde, 400/100. and conv pf, 600/92; Command, 900/140; CookWine. 2700/150; CoryWS, 2000/ 110; Crown, 1500/198; Cyclone, 500/195; DalgetyNZ, 700/218; DIC, 400/150; DMcLWaJ, 1600/118; Domßrew, 28,600/80; DRGNZ, 300/90; DunlopNZ. 5000/340; Ebos, 4300/95; ELichten. 800/180; Endeavour; 300/142; FTC. 1000/104, 5800/105, and conv pf, 700/75; Feltex; 9800/115, and 5 pc, 500/ 41; Firestone, 200/115; F and P, 1300/212; Fletcher, 3800/342. 2500/ 345, 10,100/346. 500/347, 1500/344, and conv pf, 100/106; Fountn, 300/125;- Frtways, 7600/135, • and conv Pt.; .100/80; Goodman, 100/ 243, 1000/245; GBCem, 10,600/50;. Hauraki.vspo/2to; HBFarm, conv pf, 100/140;- Healing. 2200/270 200/265;*' H' and P. 500/340. log/ 1335; «ICINZ?I 200/19,4; Ind News; (1000/1'45); > IWDoW, 300/210; JamesAv, 100/210; ,-JSmith, 200/ 90; JBurn, 400/175; LWR.’-5700/ 108; Lanes. '3BOO/44; LDNathan, 3300/180; Leyland. 100/105; Lion,

2000/92, 5400/93. and 10 pc, conv pf, 2200/77; Mair, 600/175; Marac, 800/248; McKechnie, 1100/198; Midland, cdnv -pf, 300/130; Montana,. 900/140; 400/147;.'MP1, 400/ 175; MosgiehU.l,ooo/10; Mot Molds, 83007140; MSL 3200/106; MtCook, 300/160; Natlns; 5200/215, 400/212; Neil, 1500/35; NZFarraCp, 200/85; NZFarniF, 100/160, > 800/161; NZFP, 9500/350, .1200/348, 1100/ : 347: NZIG, 100/360; NZI, 1000/295; and conv pf, 2400/160; NZLL, 1000/65; NZMotßod. - 2300/100; "NZMC, 4500/146; NZNews. 3200/. 202’; NZRefin, 10,100/95; - NZSteel, ; 23,600/200; Odltn, '18,600/80, and 13 pc conv pf. 900/60, 400/62; Phillmp, 1200/115;- Prestige, 2200/80; PrintPac, 900/180; Prog, Ent, 100/480. 1700/490; Reid Farm, 600/250; RepcoNZ, 200/96; Revertex, 500/270; Rex Cons, 1000/235; Rothmans, 1800/119. 9500/118; Schofield. 1300/120; Scott 8700/ 62; Skellerup, 300/300. 200/295; SmithMkt. 500/130; SBI. 8700/ 295, 1900/290; SXHotel, 400/115; SFM, 2600/218. and rts, 9481/55. 4756/52; Steel Tube, 900/103, 200/ 100; Sucklnd, 200/150; Tasman, 11.300/355, 100/360; Tolley, 3500/ 110; TNL, 6100/75, 10. pc cony pf, 300/60. and 12 pc conv pf. 400/62: Tvisn. 15,900/190. 3100/ 195; UEB. 1800/102. 1100/103. and 12 pc. conv pf, 100/90: Unit Pub, (800/185); ic Vacatn, 500/65: WaitakiNZ. 2300/168. 2700/167, and conv pf, 400/138. 300/136; Wattie, 800/115, and conv pf. 100/70; WilkinsD, 300/200; Winstone, .23.300/ 85, 600/87, 400/86, 2100/88; Wormaid, 800/280. ■ . ‘ Conslvr. (2000/11), 3500/10; L and M, 3500/28; MinßesNZ, 7000/ 55; NZPet, 300/140.. '■ ‘ .

BHP 1930 30 FALLS yj Price Var’n

- 1R TOT VRKSS Fnmav TTTTV 19 man Vacation T IPX Vr A JBL Commercial — ■' ’J At $590,996. group tax-, paid profit of Vacation! Hotels, Ltd., for the sixi months ended April 30 is* I*’.’-’.?'- «.-■ . , -V. • « • ■! ■ W ( 3H1 >- marginally ahead of the taxi paid profit of $588,490 for| ■ ■ ■: • ' • ■ _ a .Ssg.. , s .f the same period of the preErlTBr'! ? ill Ml vious year. 1 ’ V ™ O I Jr d JL j JLJL JL k-/ Costs rose 5.4 per cent, JL • leaving pre-tax profit ahead i -w ■■ ■ of the period by 5.8 per cent. iS/Tb iksi « F “It is difficult at this -wz. Mil (lb stage, and particularly in this year, to forecast the tax provision accurately as depreciation allowances N.Z. News, Ltd, is quietly buying shares in the Oamaru Mail Company, Ltd, the firm which publishes the evening newspaper, the “Oamaru Mail,” according to a Press Association report from When, or whether N.Z. chargeable in the current holders contacted in Otago and Southland in the past few days were unaware of the buying, which suggested that N.Z. News was making its offer, to those with more tenuous associations with News intends to make a bid for all the shares is not known. The acting chairman of N.Z. News (Mr D. L. Stev- / « u 1- “. / - year will depend to a large extent on completion dates of various states of our building programme; the tax provision may well prove to be over - generous,” the directors say in their halfens) said yesterday he was not at liberty to comment Mr Stanley Pritchard, Dunedin. ■ N.Z. News, which publishes the “Auckland Star” the district, the report said. Some local shareholders about dealings between the two companies. who has been appointed general manager-desig-yearly report. “We anticipate a continuation of normal steadv and the Christchurch “Star” had heard nothing since they “A statement will be made nate of Dominion Brewtrading during the next six evening metropolitan newsreceived “don’t sell” notices at the time the negotations eries, Ltd. Mr Pritchard months with some improvepapers, has moved to replace the Dunedin evening newsfrom their directors. are concluded,” he said. has since 1952 held varment possible in the South Some living further north The chairman of the ious managerial positions with Dafgety N.Z., Ltd. He will be confirIsland if ski-ing conditions paper, the “Evening Star, which folded in November have refused to comment on suggestions that approaches Oamaru Mail (Mr V. F. Bulleid) . also said he had no return to normal-. In the last two years occupancies in last year. _■ - t had been made to them, but comment to make about the Queenstown in the winter The arrangement is that Mrs F. M. Cameron of Masstory that N.Z. News was med as general manager months have been adversely the “Oamaru Mail’ is printterton said: “I sent my scrip buying shares in the Oamaru of D.B. on April 1. affected by poor snow. ing a Dunedin edition of the Christchurch “Star” to go on sale in the afternoon and evenings in Dunedin, This began on July ’2; However, according to a report on June 14, N.Z. News took the Oamaru Mail Company by away two weeks ago.” company. “The building of an additional 90 rooms at Logan Park is proceeding on schedule, and these rooms should be ready for occupation about December. The Rotorua development is also on target but completion is not The law allows a company to buy from up to five shares holders in a- company before an offer has to become general. There was no limit on the “When the time comes I will, have something to say,” he said. Asked whether he that N.Z. News had been buying Oamaru Mail shares Smith, Brown delisted surprise when the Commerce Department gazetted approval for the company to make number of shares which at $17 each, Mr Bulleid reexpected until the end of might be bought in this way, but in any case, N.Z. News plied: “No. I’m not in that particular deal at this stage.” Smith and Brown Maple Furnishings, Ltd, has been 1981. Referring to the tourist ina take-over offer for the had covered itself by obtainA statement about the removed from the stock exdustry generally, the directOamaru publishing firm. ing the approval of the Comdealings between N.Z. News change list after the virtual ors say that despite an imAccording to the latest remerce Commission to make* a and Oamaru Mail would have completion of takeover by proving profit position, there is still no indication of the port from Dunedin, the number of shares to change bid for the Mail. The price being offered to made shortly, he said. Feltex N.Z., Ltd. hands was-not known, but was ■ understood to be $17 a it was. expected that N.Z; News would be trying to gain a sizeable holding before; it makes an offer for share. . „ . Since the Mail has 40,000 shares on issue this puts a theoretical value of $680,000 Fletcher gaii is 14c the rest of the shares. on the company..- ■ • • ' ■ - • •• a firm, moderately actix Rises outnumbered falls by two to one on Gen. Fin. sells market yesterday. Market leaders continued to b further 5c to 250c, Fletcher 14c to 346c, South B stone 3c to 85c. Cooks Wine fell 16c to 150c afte e keenly sought, N.Z. I ritish 16c to 295c, Challei r Penfolds Wines (N.Z.) - - X to bid for the shares. Healing gained 5c. to 270c o n a good annual report, b _ .-1 eased 2c to 108c as investors awaited the restructuring annouiicemenlLiro,i Chase.d riol (ling NATIONAL SALES I'Q. RjSESy- , fe NewfXfeiflahci PA’ WellingtonThe National Insurance AHarvey, 5800/220, and 220,000/ 215; Alliance, 500/47; AFCoop, 2000/92. 5400/93. and 10 pc, conv pf. 2200/77; Mair, 600/175; Marac, ■ \ Price Var’n General Finance, Ltd, Ws ; Company of New Zealand, jyjid, increase its holding-Io I2uu/28a, and cbuv.. p£--300/27 □; AllHex. 2200/115, 300/116; AM800/248; . AIcKechnie, ' 1WU/198; Midland, crinv -pf, 3U0/130; Montana,. 900/146, 400/147;, MPI, 400/ 175; - MosgiebU.1,000/10; Mo Wolds, 83007140; MSL'3200/106; MtCook, 300/160; Natlns; 5200/215, 400/-212; Allied Farm . 285 5 DO Pf 275 5 And Beaven-’.-. 109,- .1 .. BingH ■’>>4. BNZ Fin . 240. ? ’ 5-Y CPD ,'.',.U95 2 Cerameo - jA '..2&0 2 Challenge 255 2 Do rts -,- 35 1 Ch Press 275 3 Clyde pf 7 ' 92 2 Dunlop NZ^v 1 ,.’-. 340 5 Ebbs 9 5 1 FTC --'A'. 105 1 Fletex pf . 41 I Fletcher .. 346 14 Do pi • • 106. .1 Healing .. 270 ' 4 5 I W-Dow ./ 210 5 sola its 33 per cent snare-, holding.?, in the profitable merchant' bank, Chase-N.BI A.; 35 per .cent,, from 17. .per cent, and-' the.. ,Chase-N.B.A. Bjsiey, (400/200); Ampol, -300/17 a; AnBeaven,' 500/109, arid MtS, 600/ 95; Andas,’200/110, 700/108; ANZBanKNZ, 1000/220, 2700/218; for a large undisclosed sum A The move was not unexpected, after the takeover-; of General- Finance by Black Horse , Ejiiance, a consortium of ■ National Bank of New. Zealand and Todd Motors?, The,Sir per cent control; of: Ch a s-ehN.B.A. by the' National - Bank, a subsidiary, of Lloyds- Bank, which has large . international banking connections through Lloyds International, appeared an obvious .'conflict of interest with Chase Manhattan Bank. irtgs, Ltd-.'-yth its Sharehmding from- : -'50,-'to 65 per cent. ’ • * Consent to -.the . new - ownership had.beisn given by'the Overseas Investment Com-' mission.- A. H. Armour tahd MftF.'V? Noble Beasley had, resigned as directors-of ’Ch.ase-N.B.A.' New Zealand Group. "J ■ ’ - ' National Insurance is to appoint a director to tire board. Awngni, 200/230; Atlas, 2200/37, and 10 pc pf;. 3200/30; Bailies, 2300/71. 750O/70,? and convi-'pf, 2700/65; BingH,.700/71; BNZSin> 600/240; Briy, 5800/307, 3200/308; BHP, 200/1900,-' 600/1930; CPD, 18,000/195, and conv-pf, 100/170; CEM, 200/202; CanTifii, 1600/315, arid conv deb, 700/275; CartHOlt; 70'0/420; Cerameo, .17,400/220, arid conv pf, 200/10Q; Challenge, 2400/ 254, ■ 3200/255,:' 100/252, and - rts, 12,187/35, 2278/34; ChPress, 300/ 275; Clyde, 400/100. and conv pf, 600/92; Command, 900/140; CookWine. 2700/150; CoryWS, 2000/ 110; Crown, 1500/198; Cyclone, 500/195; DalgetyNZ, 700/218; DIC, 400/150; DMcLWal, 1600/118; DomBrew, 28,600/80; DRGNZ, 300/90; DunlopNZ. 5000/340; Ebos, Neil, 1500/35; NZFannCp, 200/85, NZFarmF, 100/160, . 800/161. NZFP, 9500/350, .1200/348, 1100/ 347; NZIG, 100/360; NZI, 1000/295 and conv pf, 2400/160; NZLL 1000/65; NZMotBod, - 2300/100 NZMC, 4500/146; NZNews. 3200/ 202’; NZRefin, 10,100/95; - NZSteel, 23,600/200; Odlin, -18,600/80, and 13 pc conv pf. 900/60, 400/62 Phillmp, 1200/115;- Prestige 2200/80; PrintPac, 900/180; Prog Ent, 100/480. 1700/490; ReidFarm 600/250; RepcoNZ, 200/96; Rever tex, 500/270; RexCons, 1000/235 Rothmans, 1800/119. 9500/118 Schofield. 1300/120; Scott 8700/ 62; Skellerup, 300/300. 200/295, SmithMkt. 500/130; SBI. 8700/ 295, 1900/290; SXHotel, 400/115 SFM, 2600/218. and rts, 9481/55 4756/52; SteelTube, 900/103, 200/ 100; Sucklnd, 200/150; Tasman 11,300/355, 100/360: Tolley, 3500/ The new shareholding sees A.N.Z. branch 4300/95; ELichten. 800/180; Endeavour; 300/142; FTC. 1000/104, 5800/105. and conv pf, 700/75; Lion Brew , ... ...94., 1 Marac ’ ■ ■ ■ •- 248 - . 8 Midland pf ; 130 2 Mtr Hold's . . 140 2 Nat Ins .. 215 3 NZFF ..161 1 I ?’•'?.-5 I INDUSTRIAL to open in N.Y. Feltex,” 9800/115, and 5 pc, 500/ 41; Firestone, 200/115; F and P, 1300/212; Fletcher, 3800/342. 2500/ 345, 10,100/346 500/347, 1500/344, 110;: TNL, 6100/75, 10. pc convpf, 300/60. and 12 pc conv pf 400/62: Tvisn. 15,900/190. 3100/ 195; UEB. 1800/102. 1100/103. and • Bromley 7000 sq. ft. PA ’ Melbourne The Australia and - New and conv pf, 100/106; Fountn, 300/125;- Frtways, 7600/135, - and conv pf,; 100/80; Goodman, 100/ 12 pc. conv pf, 100/90: UnitPub, (800/1’85); r. Vacatn, 500/65: WaitakiNZ. 2300/168. 2700/167, and NZ' Forest .. 350 5 NZ Inis .. 295 5 $114,000. High stud, 105 perZealand Banking Group.-Ltd, 243, 1000/245; GBCem, 10,600/50; conv pf, 400/138. 300/136; Wattle, Do pfY < .. 160 2 Odlins ■ .. SO 1 Prestige .. 80 2 Progressive .. 490 10 Reverted*- .. 270 18 Skellerup .. 300 5 Sth British .. 295 10 chM;.ie|0ed. has become the first Austra- e Hauraki.v7j)0/2t0; HBFaiin, conv 800/115, and conv pf. 100/70; Wiland unsealed sections, $23,500 to $33,000. i’M INVESTMENT lian bank to open a branch in New York, according rto the directors. In 1968 the ANZ Bank opened a representative office in New York, which pf, 100/140;'' Healing. 2200/270, 200/265;*' H' and P. 500/340. 10gZ 335; «ICIN%‘i 200/19,4; IndNews; (1000/1'45); s e IWDoW. 300/210; JamesAv, 100/210; ,-JSmith, 200/ 90; JBttrn, 400/175; LWR,’-5700/ 108; Lanes.-’3800/44; LDNathan, 3300/180; Leyland, 100/105; Lion, kinsD, 300/200; Winstone, .23.300/ 85, 600/87, 400/86, 2100/88; Wormaid. 800/280. ■■ Conslvr. (2000/11), 3500/10; L and M, 3500/28; MlnResNZ, 7000/ 55; NZPet, 300/140..

218 y Do?ftS.< !* • 55 ■■ : >5 St6el;Jube* 103 3’ Tdlleyy? '• no.>10; Waikati NZR pf 138., Wattie'' 115 '.■it Wilkins . D 200 >‘5Winst'dne; 85#“ 3 NZ Petroleum .. 140'’.ao; . v ■ Overseas jW. ’

c - : C •> 47 108 £ 2 ' CartkJimW deb 275 ;• 5Coojcs Wine 150 j<? Cory-WS 110 2 DRG NZ 90 5 Endeavour 142 i 1 Hauraki* 210 ' 3 J Aviation 210 ' 5 J Smith 90 .5 LWR 108 2 Lanes 44 6 McKechnie 198 2 MSI Corp 106 - 2 Rothmans 118 1 Sth Hotel 115 . 2 TNL Grp 12pc pf 62 -.1 Tranvision 190 ‘ 5: UEB 102 3 ■ 12pc pf 90 20. Wormaid NZ .. 280 5 Overseas Ampol. 175 5 *ex dividend