Lusteroid sees hard times

Press, 13 August 1980, Page 19

Lusteroid sees hard times

The first quarter of Lusteroid Holdings (NZ), Ltd’s, financial year has been marked by a deepening of the general recession that is affecting the manufacturing sector, chairman (Sir James Fletcher) told the annual meeting. But volume sales for the first quarter were running at about the same level as last year, and destocking of raw materials and finished products was proceeding with

consequent improvements in liquidity, Sir James said. “The year looks like being a difficult one because, of the depressed state of the New Zealand economy,” he said. The company make a 1-for-4 renounceable cash issue of 100 c ordinary shares at a premium of 150 c for a total price of 250 c, compared with last share sales at 425 c. The issue — which would raise about $430,000 — is subject to the consent of the

Overseas Investment Commission because of the 10 per cent holding of the American company S.C.M. Glidden International. Lusteroid’s general manager (Mr P. F. Sharp) said that the funds raised will finance in part a new head office, factory amenities block and a research and development laboratory. The company is also looking at diversifying its activities “somewhat,” he said.