Briefs

Press, 19 April 1986, Page 21

Briefs

Email offer

Whitegoods manufacturer Email, Ltd, which announced it now holds 79.4 per cent of Simpson Holdings, Ltd, has extended the unconditional takeover offer until May 6.

In a notice of variation released to stock exchanges, Email said it had received acceptances of 64.7 per cent of Simpsons’ issued ordinary shares, on top of a previous 15.2 per cent holding. Email has bid $1.30 for each ordinary share and $2 for each redeemable share, with the previous offer closing on April 22. Meanwhile, the property group Hooker Corporation has offered $2.20 a share for Email.

Fidelity move The United States independent fund manager Fidelity Organisation has launched its first Australian-based equity trust, offering Australians the opportunity to invest in world-wide equity trusts. The Boston-based organisation is one of the world’s largest independent fund managers, with more than sAust74B ($NZ96.28) under management. Its Australian trust, called the Fidelity International Strategy Trust, the new trust offers the opportunity to invest in the world’s stock markets through five separate funds: the International Fund, American Fund, Japan Fund, European Fund and Australian Fund. Wormaid Int.

Wormaid International, Ltd, has announced a SIOOM rights issue and formation of a new company — to be 60 per cent owned by Wormaid — to control overseas interests. Directors said the new shares would be issued on a one-for-three basis at $3.40 each, payable in full by Fri-

day, June 2O.The funds would be used to refinance recent acquisitions as well as help finance the new company. 1 for 3 issue Gold explorer Dominion Mining and Oil NL has announced a one-for-three renounceable rights issue to raise sAust9.oM (SNZII.7M). The ordinary shares would be offered at 50 cents each, which compares with a recent market price of 78 cents in Sydney. Directors said in a statement the money would be used for mine construction, further property acquisition, working capital expansion, and accelerated epithermal exploration in Indonesia, the Solomon Islands and Vanuatu. Bond Corporation Bond Corporation has announced a rights issue to raise sAustl9s;BM ($NZ254.54M). Directors said funds from the one-for-two renounceable issue would be used to reduce existing debt, resulting in a stronger capital base which would enable future expansion of group activities. Bond Corporation has taken advantage of buoyant conditions on the sharemarket by pitching the issue of 97.9 M new shares at $2.00 each, well below Bond Corporation’s current market price of $3.55 a share.

McDonald’s Aust. McDonald’s Australian subsidiary has announced a sAust3.2M (SNZ4.IM) aftertax profit in 1985 on a national sales total of $Aust23LBM ($NZ301.34M) from 167 stores. McDonald’s System of Australia Pty, Ltd, chairman Mr Peter Ritchie, said the profit was 79.9 per cent up on the sAustl.7BM (SNZ2.3IM) earned the previous year, with sales up 19.2 per cent over 1984.

Slow drilling The Te Ranga No. 1 well off the coast of North Taranaki was at a depth of 444 m early yesterday, with progress of 4m in 24 hours, New Zealand Oil and Gas, Ltd, said. The operator was running a leak-off test on the well.

SIOM injection The Reserve Bank injected SIOM into the short-term money market yesterday morning. It bought $lO million of April 22 securities in a sell-back operation at a yield of 20.6 per cent. U.S. growth The United States economy grew at a surprising 3.2 per cent annual rate in the first quarter this year, surpassing expectations and dampening chances of a big discount rate cut, the United States Government said. The Commerce Department reported that the increase, compared with a meagre 0.7 per cent rise in the fourth quarter of last year, was accompanied by extremely low inflation figures of 2.5 per cent, as measured by the so-called implicit price deflator. The increase in economic activity had been expected although most economists had forecast it would be in the 2.5 to 3.0 per cent range.

Cold helps Britain’s industrial production rose 1.7 per cent in February compared to the previous month but the increase was mainly because of bad weather, the Central Statistics Office said. Extremely cold weather in February raised the output by service industries such as gas and electricity utilities, the statistics office said, while growth in manufacturing output remained slow.