Business news in brief

Press, 2 March 1984, Page 11

Business news in brief

ICINZ merger

ICI New Zealand, Ltd, and Wellcome New Zealand, Ltd. have agreed in principle to merge animal health interests to form a new company, after agreement between Wellcome and ICI in the United Kingdom to merge animal health activities worldwide.

The agreement involves forming three interlinked, but independent, trading companies in New Zealand, Australia, and the U.K. The formation of the New Zealand company will be subject to the approval of the Overseas Investment Commission and the Examiner of Commercial Practices.

Donaghy issue

The 12 per cent redeemable specified preference shares of Donaghy Industries, Ltd, will convert to new ordinary shares on April 1, in a ratio of 84 new ordinary 50c shares for every 45 12 per cent preference shares held. The new shares issued will rank equally with the existing ordinary capital, but will not participate in any ordinary dividend payable for the financial year to March 31, 1984.

Steel, Tube div.

Steel and Tube Holdings, Ltd, has raised its interim dividend from 3c a share to 5.5 c a share (11 per cqnt) payable on March 20, ex dividend on March 12.

Marac rates

Marac Financial Services, Ltd. a wholly owned subsidiary of Marac Holdings, Ltd, has registered new interest rates for its 3 and 3B prospectuses. The new rates, with the previous ones in parentheses, are; at call steady 8 per cent; at one month and then at call, 9.5 per cent (8.5 per cent); three months and then at call, 10 per cent (9 per cent); six months and then at call, 10.5 per cent (9.5 per cent); nine months, 10.75 per cent (9.75 per cent); one year, 11 per cent (10.5 per cent); and from 18 months to more than five years, 11 per cent (11.5 per cent).

Apple ruling

The United States International Trade Commission has ruled that foreign computer makers have infringed on Apple Computer patents covering its computer's operating systems. The ITC will issue an order directing the United States Customs Service to prohibit importing the computers into the United States. The case was brought by Apple over computers made in Taiwan and South Korea and marketed as Orange and Pineapple computers.

INL doubles div.

Independent Newspapers, Ltd, has doubled its interim dividend, as promised when the company issued its halfyearly report to September 30 in November. An interim dividend of 8c a share (8 per cent) is payable on March 23, ex dividend on? Last year the dividend was 4c a share after the dividend freeze regulations arbitrarily reduced it by 2c a share.

Ampol slide

Ampol. Ltd, the Australian owned oil company, blamed a 10 per cent profit slide to sAust2o.lM in the December half-year on state government price controls and continuing industry price cutting. Turn-

over rose 55 per cent to $726.1M because of the inclusion of $185.72M from Total Australia. Ltd. the petroleum refiner and marketer, which was not previously owned. The interim dividend is steady at 3.75 c. payable on May 11.

Ebos interim

Ebos Dental and Surgical Supplies, Ltd, of Christchurch, has resumed paying interim dividends now that the dividend freeze regulations have lapsed. The company has declared a dividend of 5c a share (10 per Cent), compared with the 3c a share interim payout made in the 1981-82 financial year. The dividend is payable on March 27, ex dividend on March 16.