Capital increase
PA Wellington Shareholders in City Realties, Ltd yesterday approved an increase in authorised capital and the distribution of share premium as a bonus issue. At an extraordinary meeting, approval was given to increase the authorised capital to 350 million by the creation of 450 million ordinary 10c shares. Shareholders also agreed to $2,296,362 of share premium being capitalised
and distributed as a one-for-two bqnus issue. The chairman, Mr Selwyn Cushing, said share premium acquired as part of a take-over was not available for tax-free dividend distribution but could be used for share issues. The new shares will rank equally in respect of dividends declared after May 30, and fractional entitlements to issues will be aggregated, with the resulting shares to be sold for the benefit of the company.
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Press, 2 May 1984, Page 28
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130Capital increase Press, 2 May 1984, Page 28
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