Briefs

Press, 24 October 1984, Page 30

Briefs

Big strike of uranium NZPA-AP • Tokyo What are expected to be the world’s richest uranium-ore reserves have been found in Canada with an average uranium content of more than 10 per cent compared with the 3 per cent for existing rich Canadian mines. An official of Idemitsu Kosan Company, a major oil company, said the uranium ore reserves have been found \in Saskatchewan by a Japanese-Canadian-French joint venture established by subsidiaries of Idemitsu Kosan; Cogema, France’s State-run nuclear fuel corporation; and the Saskatchewan Mining Development Company. The new mine has recoverable reserves estimated at 125,000 tonnes, enough to keep all Japanese nuclear power plants operating for 20 years. AWA equity Amalgamated Wireless (Australasia), Ltd, has bought back the. 40 per cent equity the Development Finance Corporation has held in AWA New Zealand, Ltd, since 1975. Elders Fin. Elders Finance and Investment Company, Ltd, the finance arm of Elders IXL, Ltd, has announced a record annual profit of sAust7.s3M, marginally above the $7.5M profit achieved in 1982-83. As a wholly-owned subsidiary of Elders IXL, the company’s results were included'but not detailed in the over-all equity accounted group profit of $71.44M announced earlier in the week by the pastoral, financial, brewing, and trading giant The acquisition by Elders Finance early this year of the Singapore-based regional merchant bank PICA, seen by analysts as a major move in Elders’ international banking expansion, has not yet been reflected in the results. Elders Finance assets rose 20.3 per cent in the latest year but the return on assets fell from 1.31 per cent to 1.09 per cent as a result of tighter trading conditions and reduced lending margins. Sheraton active The Sheraton Corporation opens a new hotel somewhere in the world every eight days, according to the group’s Pacific region president, Mr Bob Holden. He says the company hopes to announce soon .contracts for the building of six hotels in China. These, which Sheraton had been negotiating for five years, will mark the first move into China by a major international company. The Sheraton Corporation had 457 hotels world-wide on Tuesday this week, but that figure will soon be outdated.

NZI bonds The NZI Corporation’s SUSSOM offshore convertible Eurobond issue has closed,., filled. The final settlement for the issue has been at a coupon rate of 10.5 per cent. The conversion prices for the bonds to be switched into shares have been set at SNZI.BO until July 31, 1986, $1.75 until July 31, 1988, rind $1,65 thereafter. In each case * the.' conversion will be based on an exchange rate of $NZ0.4871 to SUSI. The bonds will be listed on the London Stock Exchange in a few days. They will be quoted as either bearer or registered bonds in denominations of SUSIOOO. State sawmills Sales turnover for the two State sawmills for 1983 was $46.1M, 4.5 per cent up on the previous year. Export sales were $15.8M, a $3.3M (26.8 per cent) increase on 1982. Reduced building activity throughout New Zealand in 1982 continued into 1983 and the State sawmills experienced intense competition to maintain their share of .the domestic market. However, the market showed marked improvement towards the end of the year, and by Deceriiber de-’ mand exceeded the ability to produce, says the annual report of the Director-General of forests. Kupe purchase Kupe Petroleum, NL has been advised that the company’s majority shareholder, Abstract Holdings, Ltd, has purchased by private treaty approximately 27M options in the company. This purchase represents approximately 42 per cent of the issued options in the company. Collingwood Holdings, Ltd, has agreed to sell its one-third shareholding in Abstract Holdings, Ltd, to the other shareholders of that company. Abstract Holdings is the majority shareholder of Kupe Petroleum NL. The sale

was based on current market prices for Kupe shares and options. Smith B. div. . Smith Biolab, Ltd, has declared its interim dividend will be paid on November 2. The dividend will be 3.5 c per share (7 per cent) at the same level as last year. Of the dividend, 2.5 per cent will be paid, from ■tax free sources. The company said s its application to pay further tax free dividends from the share premium sources arising from the April cash issue was still proceeding. Darling pay-out The half-year (to September 30) distribution to unit-holders of the Shroder Darling Property Fund will be at the rate of 8.90 per cent. The net asset backing per unit has increased to $2.26 per unit. URIH issue The propspectus for the one-for-five cash issue of 50c ordinary shares at par for United Resources Investment Holdings, Ltd, will be filed on November 5. Rights trading, will start on November 6, close on November 26, and the issue itself will close on November 29. The ex rights day November 1. UEB interim UEB Industries, Ltd, has declared an interim dividend of 12 per cent (6c per share) payable from tax-free sources, and thus not taxable in the hand of recipient shareholders. This will be paid on November 7. The UEB directors said that the payment of 12 per cent interim dividend (last year 3 per cent) balanced the payment of dividends which the company was previously unable to do because of the dividend regulations and it should be taken as an indication of the final dividend for the year.