Business briefs

Press, 22 October 1983, Page 22

Business briefs

Autocrat move Autocrat Sanyo Holdings (NZ), Ltd has increased its stake in computer company Access Data Corporation, Ltd from 50 per cent to 80 per cent The purchase, for an undisclosed cash sum, was through Autocrat Sanyo’s wholly owned subsdiary, Main Corporation Ltd. Access Data distributes computer hardware supported by software.

Mr J. T. Sheffield, the Autocrat Sanyo chairman who is now also chairman of Access, said financial support to Access would be raised.

Mt Cook meeting

The venue of the annual meeting of the Mount Cook Group on Wednesday has been changed from the company’s boardroom to the President’s Room at the Christchurch Airport Travelodge.

Genestock success

Genestock New Zealand, Ltd has hailed the successful birth this week of four sets of twin lambs from its first embryo splitting operation.

The company split 11 sheep eggs by microsurgery and produced nine offspring. Two of the lambs developed from the split embryos. The procedure was done by Genestock and the Ruakura Agricultural Research Station. A Genestock director and agricultural consultant, Mr D. R. Lang, said embryo implantations in cattle would begin next week at its Gene Tank farm and laboratory at Bombay, South Auckland. Big Aust, issue Expectations of a recovery in economic activity has encouraged James Hardie Industries, Ltd, to announce one of the biggest Australian rights issues this year. The diversified trading group plans to raise 85 million dollars through a renounceable one-for-three issue for its own development and expansion programme. A total of 34.09 million $1 shares will be issued at a premium of $1.50 a share to shareholders and convertible note-holders registered on November 11. The issue price compares with Friday’s closing price of 390 c for Hardie shares in Sydney and a range this year of between 300 c, and 410 c. SFM meeting An extraordinary shareholders meeting of Southland Frozen Meat, Ltd, has been called for November 14 to consider a number of proposals after the recent changes in the shareholdings in the company, the directors announced yesterday. Among the proposals are to split the 100 c shares into 50c units, to increase the number of directors on the board from 10 to 12, and to appoint Mr J. R. Lamb, the managing director of Fletcher Challenge’s meat division to the board. Other proposals include the introduction of a new class of share known as special rebate shares, which will not be traded on the stock exchange for a restricted term. These shares will be held in trust for farmers until the shares have been fully paid up by rebates declared on stock owned and supplied to the company for slaughter. Sherwoods sell The Hawke’s Bay Farmers’ Meat Company, Ltd, has purchased a 20.09 per cent holding in Hawke’s Bay Transport Holdings, Ltd, from the Sherwood family interests in an off-market transaction, the directors of Hawke’s Bay Transport said yesterday. Hawke’s Bay Farmers’ had told the directors that it had bought the shares as an investment and that it did not wish to make any changes to the policies or activities of the company. No prices were given for the transaction, which amounted to 309,817 ordinary shares and 94,300 13.5 per cent preference shares.

In separate transactions a further 116,156 Hawke’s Bay Transport ordinary shares and 64,043 16 per cent preference shares hela by the Shewrood family were sold on the New Zealand Stock Exchange on October 18.

Brierley issue Details have been released on the proposed one-for-one ordinary cash issue by Brierley Investments, Ltd. The issue of the 65,696,580 50c ordinary shares, payable 25c on application and 2ac by June 22, will be quoted ex rights on October 26. Rights trading will begin on October 31, closing on December 7. Letters of entitlement will be posted November 4, letters of allotment on January 20, and the scrip mailed July 23. Applications close on December 12, and renunciations on December 19. The new shares do not rank for the interim dividend in 1984, but rank equally after that. The new shares will be quoted on December 13. New companies The Companies Office has announced tnat 714 new companies were registered during September, 1983, compared with 523 in September, 1982. Receivers were appointed to 23 companies while 16 ceased to act during September, 1983 (compared with 23 and 13 respectively for September, 1982). Fifty companies wound up by court order and 35 by voluntary liquidation last month. The figures in September, 1982, were 21 and 18 respectively. Fiji mining Western Mining Corporation of Australia has begun investigating the possibilities of gold mining at Savusavu, on the southern side of Fiji’s secondlargest island, Vanua Levu. Analyses of samples from the area have been encouraging, company officials say. Western Mining has bought prospecting rights from a Fiji mining company for an area covering 1309 ha. Western Mining recently agreed with Emperor Gold Mines, Ltd, to take over the latter’s gold mining operations at Vatukoula, on Viti Levu. Hong Kong dollar The Hong Kong dollar traded near the official rate of 7.80 to the United States unit in fairly quiet exchanges on Thursday. Dealers said recent commercial demand for U.S. currency has been absorbed, while speculation abated due to high inter-bank lending rates. Dealers also noted optimism about the current Chinese-Brit-ish talks on Hong Kong. Wormaid change Mr H. G. Davis has resigned as a director of Wormaid International N.Z., Ltd, and Mr J. S. Curtis has been appointed to fill the vacancy. Sir Laurence Stevens has been appointed an additional director. Mining licence Crusader Minerals NZ, Ltd, says it has applied for a mining licence over the Monowai Mine, 13km north of Thames, after a comprehensive study of the environmental impacts of a proposed gold mining operation. The company has also advised that it has exercised an option to purchase a 50 per cent interest in the Soho Creek Alluvial Gold Property from Canyon Resources Pty, Ltd. Soho Creek is a main tributary of the Arrow River in Central Otago and the joint venture controls mineral rights to 369 sq km of the valley. A seismic refraction geophysical survey will outline drill targets for testing in the first quarter of next year. Rates cut Smiths City Market Finance, Ltd says it has cut its interest rates to 10.5 per cent for one year, 11 per cent for two years, and 11.5 per cent for three to five years. The new rates take effect immediately. AA Finance AA Finance, Ltd, has amended its interest rates and terms. The new rates are: Call, 9 per cent; 3 months, 10; 6 months, 10.5; 9 months, 11; one year, and 18 months, 11.5; two to five years 12 per cent. The rates for unsecured deposits are now one year, 12 per cent; 18 months, 12.5; two years, 13 per cent.