Page 6 Advertisements Column 1

Evening Star, Issue 25618, 19 October 1945, Page 6

This «dv*rtiaement doe* not purport to fc« « prospects* ond dot* not fully comply wltli the requirements of Section 46 of “The Companies Act 1933. A copy of the prospectui has been filed with the Registrar of Companies, Wellington. Approval of the Minister of Finance, under Finance Emergency Regulation*, 1940, ha* been obtained for the issue of the shares offered in the prospectus. FELT and TEXTILES OF NEW ZEALAND LIMITED. (Incorporated in New Zealand under “The Companies Act 1933”). Authorised Capital - £500,000 Issued Capital - £225,000 The Company is now issuing 100.000 Ordinary Shares at Par t£l) of which 50,000 Shares are available for public subscription The offer of shares is being made by means of a prospectus dated 18th October, 1945. , Applications for shares will be } received only on the forms of application issued with the , prospectus. THE DIRECTORS. ,5. Herbert Douglas Vickery.—Public Accountant, 201 Lambton'• Quay, Wellington (Chairman). : : Henri Van De Velde.—Company Director (Managing Director of Felt and Textiles of Australia Ltd.), 261 George Street* Sydney (Joint Managing Director). Henry Wells Rowden, B.Com.—Public Accountant, 201 Lambton Quay, Wellington (Joint Managing Director). OBJECTS OF THE ISSUE. Felt and Textiles of New Zealand Limited conducts an extensive business in the processing of wool, the manufacture of footwear, footwear trade components, carpets, felts and upholsterers’ supplies and other products and in the distribution of these goods and of the manufactures of its overseas associates. Plans are being carried out for the expansion of the company s existing activities to meet present and future demands,' particularly those arising from the expected rapid development of home building in New Zealand. The funds derived from the issue will be applied to financing these and alRe£ activities. THE PROFITS OF THE COMPANY. The accounts of the Company have been investigated by Clarke, Menzies, Griffin and Company, Public Accountants, whose certificate shows net profits of £25,466 for the year ended 31st March, 1945. This represents a return of 11 per cent, per annum on the present paid capital of £225,000. Assuming that the new capital of £IOO,OOO will produce net profits at a minimum rate of 5 per cent, per annum, as compared with last year’s net earnings rate of 11 per cent., the net earnings on the capital as now being increased would represent 9f per cent, per annum. There are reserves and undivided profits of £41,118 in the business. Book values of plant, land and buildings are conservative. Valuations mad* for the purpose of this share issue are much in excess of book values. The Directors regard the present issue of capital as a first step_ only in the financing of .an extensive programme of expansion. APPLICATIONS. Copies of the prospectus may be obtained from a member of any recognised Stock Exchange in New Zealand or from the office of the Company, 201 Lambton Quay, Wellington. Applications will be received by the Company at its registered office, Hamilton Chambers, 201 Lambton Quay, Wellington (postal address, P.O. Box 848, Wellington), and only on the form accompanying the prospectus. Applications may be. lodged through a member of any recognised Stock Exchange in New Zealand. The minimum amount of capital subscribed to the issue on which the Directors will proceed to allotment is £IOO,OOO. Priority of allotment will be given to applicants who are residents of New Zealand. ’ Application will be made for Stock Exchange listing of the ordinary shares of the Company. The whole of the issue of 100,000 shares of £1 each has been underwritten by Messrs. J. B. Were & Son of Melbourne, Australia, who have exercised their right to the firm allotment of 50,000 shares. SUBSCRIPTION LISTS OPEN AT 10 A.M. ON WEDNESDAY, 24th JCTOBER, AND MAY REMAIN OPEN FOR 14 DAYS. THE DIRECTORS RESERVE THE RIGHT TO CLOSE THE ISSUE YT ANY EARLIER DATE WITHOUT NOTICE IN THE EVENT OF APPLICATIONS FOR NOT LESS THAN 50,000 SHARES THEN lAVING BEEN RECEIVED.

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