W. and D. bonus, rights issues

Press, 4 August 1981, Page 20

W. and D. bonus, rights issues

Wilkins and Davies 'Construction Company, Ltd, will — subject' to approval at the annual general meeting on August 7 — make a one-for-. four bonus issue to ordinary shareholders, followed: by an. offer, of a cash issue of ordinary shares to ? both ordinary and preference shareholders at a premium. The directors announced that the terms of the offer of the renounceable cash issue will be:1. One new ordinary 100 c share for every three ordinary shares or every three preference shares held on August 12, at a premium of 125 c a share, giving a total price of 225 c a share. 2. The new shares will rank equally in all respects with existing ordinary shares, and will participate in dividends declared in respect of the year ending March 31 next.

The directors expect that, given satisfactory trading conditions, a dividend rate of at least 20c an ordinary share will be maintained on the increased capital for the year ending March 31 next.

The shares will trade ex bonus issue and rights on August 10. Full application payment of $2.25 a share is due by September 10, and the issue closes for lodgement of renunciations at 5 p.m. on September 17.