MKM plans recovery
Manawatu Knitting Mills, Ltd, yesterday announced a $99,000 loss for the six months to April 30, but predicted a “substantial profit” and a final dividend for the full year. The company also announced a change in its name and the acquisition of several clothing companies as part of its restructuring programme.
That programme was “well advanced and expected to be complete by early 1985.” The new name is Apparel Holdings, Ltd.
The unaudited result for the latest half year compared with a profit of $112,000 for the previous corresponding period and was after extraordinary costs of $113,000 (nil last year). A trading loss and further extraordinary costs were expected for the full year at Palmerston North, the company said.
The latest result included a nil tax provision and no interim dividend would be
paid. Agreement had been reached, subject to the necessary approvals to buy Carters Fashions, Ltd, a Wellington clothing retailer, and The French Pant Company, Ltd, an Auckland clothing manufacturer. The company also said it had been told by the Examiner of Commercial Practices that the purchase of the net assets of Apparel Holdings, Ltd, and its subsidiaries — Earlybird Fashions, Ltd, and Earlybird Fashions (Mount Roskill), Ltd — did not require approval under the Commerce Act.
An extraordinary meeting of shareholders would be held on July 24 to authorise the issue for cash of additional stock units, to approve the terms of the Apparel Holdings, Carters Fashions and The French Pant Company purchases.
The shareholders would be asked to increase the number of directors to 10, and approve the company’s name change.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19840614.2.180.5
Bibliographic details
Press, 14 June 1984, Page 28
Word Count
266MKM plans recovery Press, 14 June 1984, Page 28
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.