Wiljef cash issue

Press, 18 April 1985, Page 24

Wiljef cash issue

Williamson Jeffery the Christchurch-based stationery maker yesterday announced a one-for-three cash issue of ordinary 100 c shares, at a premium of 100 c each. The issue of 1,317,692 new shares is fully underwritten and will raise $2.6 million, of which 11,317,692 will be credited to the share premium reserve. The directors will seek approval from shareholders at an extraordinary meeting on July 29 to apply to the High Court for approval for the share premiums received to be distributed tax-free as cash dividends to shareholders . The purpose of the issue is to provide funds for working capital to finance the expansion at the company’s Papakura factory and improve shareholders equity. The shares issued will rank for dividends from the start of the 1985-86 financial year on July 1, but will not participate in any final dividend of the current year, which is scheduled to be paid in November. The directors say that they expect their present dividend policy on the bigger capital of the company to be maintained. The books close on April 29, the ex rights date is April 24, and rights trading will start on April 30.