NFC in profit

Press, 21 August 1989, Page 14

NFC in profit

NFC Pic, the parent group of the removals firm Pickfords (U.K.) made an unaudited pre-tax profit of £53 million (about $NZ147.34M) in the nine months to June, 1989 — an increase of 45 per cent on the £36.8M (SNZIO2.3OM) for the corresponding period of the previous financial year. NFC Pic, formerly Britain’s substantially employeeowned National Freight Consortium, has a financial year ending September 30. The National Freight Consortium, of which Aucklandbased Intermove Pickfords is a wholly owned subsidiary, was floated on the London Stock Exchange earlier this year. NFC’s chairman, Sir Peter Thompson, said the directors’ “best view” of profits for the full year to September 30 was that NFC would achieve an operating profit of £B9M (NZ247.42M). Sir Peter said it was intended to recommend a fullyear dividend totalling at least 7.5 p (NZ20.85c) per share. .

Paladin extends bid

The Paladin offer for the shares in New Zealand Equities has been extended from August 21 to September 21. Paladin’s directors said that acceptances had been received for 74 per cent of New Zealand Equities capital. New Zealand Equities owns 39% of Paladin, a Hong Kong-based company listed on the New Zealand Stock Exchange. The directors said the offer of five Paladin shares for two New Zealand Equities shares was unconditional, subject to Paladin’s shareholders approving an increase in its authorised capital and the allotment shares at a meeting on August 21. Application for Hong Kong listing had been made for the shares and one would also be made in New Zealand.

Yuill meeting set

Mr Brian Yuill, head of the collapsed listed finance and merchant banking house, Spedley Holdings, had agreed to a conference with lawyers involved in a sAustl.2 million (SI.6M) dispute between Tulloch Lodge and the Bank of New Zealand, the Supreme Court was told in Sydney. However, an associate of Yuill, Mr Jamie Craven, refused to answer questions in court on the grounds that the answer might tend to incriminate him. Tulloch is challenging a demand by BNZ for repayment of an alleged sAust2M loan. Tulloch is one of the prominent companies caught up in the collapse of Mr Yuill’s business empire. Mr Yuill’s solicitor, Mr Mark Webak, told the judge his client would be available for a conference with the lawyers for both sides in the dispute in the week of September 4. The judge adjourned the case to October 22.

BHP Gold restructure

The shareholders of BHP Gold Mines agreed on a capital restructure for the company by writing down sAustlss.BB million ($NZ202.44M) against its share premium account as a reduction of capital. BHP Gold’s chairman, Mr John Gough, told the company’s annual general meeting the writedown followed a sharp drop in prices paid for gold properties, lower gold prices, a higher .Australian dollar, project delays and the gold tax.