WOOLWORTH’S LTD.

Dominion, Volume 29, Issue 195, 15 May 1936, Page 14

WOOLWORTH’S LTD.

Bonus Share Distribution CAPITAL TO BE DOUBLED The general manager of Woolworths (X.Z.) Ltd. yesterday advised the Stock Exchange Association that he had received a cable message from Sydney stating that an extraordinary general meeting of the shareholders of Woolworths Ltd. will be held on June 2 for the purpose of increasing tlie authorised capital of the company to £2.000.000 by the creation of an additional 1,000.000 ordinary shares. It is also intended to apply the sum of £412,969 as a bonus issue of one share for every ordinary share held on May 26. The share register of Wool worths Ltd. will be closed for one day on May 26. Woolworths Ltd., Sydney, which was registered in New South Wales in December, 1924, at present has a nominal capital of £1,000,000. divided into 100,000 10 per cent, cumulative preference shares. 200.000 7 per cent, cumulative second preference shares, and 700,000 ordinary shares, all 20/- paid. The paid-up capital is £696,969 in 75.000 10 per cent, cum preference, 200,000 7 per cent, second preference, and 421,969 ordinary shares. Woolworths, operating a chain or stores in Australia and New Zealand, is a most profitable business. In 1931 the assets of Woolworths Ltd. were written up and £83,894 of bonus scrip issued. In 1934 the assets were again written up and £253.183 of bonus scrip was distributed. Net earnings for the 12 months ended January 31. 1936. were £147,550, an increase of £47,132, alter setting aside £BO.OOO tan increase of £30.000) for taxation. The undrawn balance in taxation' at January 31 was £150.067. The disclosed profit, after paying two preference dividends, was equal to 30.4 per cent, on ordinary capital. The Wellington market reacted promptly yesterday to the announcement of the proposed 100 per cent, ordinary share distribution. Following sales nt £S/10/at midday, buyers at the afternoon call went to £9/15/-, but sellers held for £lO 5/-.