Guinea Gold N.L.

Dominion, Volume 29, Issue 216, 9 June 1936, Page 12

Guinea Gold N.L.

At the ordinary general meeting of Guinea Gold N.L., in Adelaide, on May 30, the chairman. Mr. C. V. 'l. Wells, said that the outlook was decidedly bright. Advice was received recently that the next Bulolo dividend, which would become payable on July 2, would represent 6/11 per share. The directors had to pay the company's dividend at the rate of 9jd. per share. If the proposed scheme for Guinea Gold were carried out. that company would have no liabilities, but a settled fund of 63.500 Bulolo shares, being administered at a cost of less than a halfpenny per Guinea Gold share per annum. It seemed impossible to distribute the Bulolo shares, and it would be a wise investment for the company to take up its Bulolo rights. If, by the early part of next year, the whole of these tentative financial transactions were satisfactorily carried through, the directors considered that the cost of administration of the company's affairs might well be carried out for £lOOO a year, equivalent to one halfpenny per share per annum, and less than 2 per cent, of expected dividends receivable from Bulolo.

iThe chairman added that it would not need a very great increase in the halfyearly Bulolo dividend for the company to declare a dividend in future of 1/- per half-year. That would result in shareholders in Guinea Gold receiving the whole of the face value of their share capital back in dividends every year. Before the ordinary meeting, an extraordinary general meeeting decided to amend the articles to limit future mining activities to conserve the shareholding in Bulolo Gold Dredging Limited as an invested fund until shareholders in the general meeting decided otherwise.