HAY'S, LTD.

Evening Post, Volume CXXIV, Issue 60, 8 September 1937, Page 14

HAY'S, LTD.

ISSUE OF MORE SHARES

Shareholders in Hay's, Limited, drapers and fancy goods stores, Christchurch, retailers, are being offered the remaining 15,000 shares of the company's capital still unissued, to finance further extensions to premises and trading. The issue will be at par, and shares are offered in the proportion of three new shares to every seven existing shares held. These will become shares of 15s paid, excepting those which present shareholders hold as £1 paid—such shareholders may elect to pay up to £1 at their option. The company has arranged for a lease of a Colombo Street frontage, with adjoining shops, for five years' from. January, 1938, and has an option for a further five years' term. Arrangements have been made to connect the new premises with the main store. The directors report that turnover is now greatly in excess of the figure indicated in the prospectus less than four years ago; and profits in this year's balance-sheet, shortly to be presented, will allow them to advise repetition of last year's 6 per cent, dividend, after stocks on hand have been carefully valued.