COMMERCIAL COMPANY NEWS

Greymouth Evening Star, 10 February 1947, Page 6

COMMERCIAL COMPANY NEWS

William Cable.—The directors of William Cable and Company, Ltd., announce with regard to the forthcoming new issue of ordinary shares, that applications for the conversion of preference shares to ordinary shares, which closed on January 31, resulted in holders of 35,959 preference shares exercising the right to convert, while holders of 28.695 preference shares elected to remain preference shareholders. This conversion has increased the issued ordinary shares from 106,834 to 142,793, and after considering the increased capital needs consequent upon the expanding business, the directors have decided to raise the new issue from 120,000 to a total of 142,793, ordinary shares being offered first to existing ordinary shareholders at the date of closing the transfer books in the proportion of one share for each ordinary share then held at the premium, as previously announced, of 5/- a share.’ Notices setting out the date of the new ' issue, dates and ■ amounts of the application moneys and the calls payable, and the date of closing of the transfer ’books, will be' sent to ordinary shareholders as scon as the formalities and office details are complete, and this should be within approximately six weeks. At least 10 days’ notice of the closing of the transfer books 'will be given. —(P.A.) Permanent Investment Association. Profit of £5450 (£5374 the previous ' year) and a balance brought forward of £455 ( £582) are shown in the report of the Permanent Investment and Loan Association of Canterbury, to be presented at the annual meeting on February 24. An interim dividend of 2 per cent, was paid on July 31, making 5 per cent, for the year, absorbing £5OOO (same). Of the balance of £905, £5OO has been added to the reserve fund, making it £21,500, leaving a carry-forward of £405.

Pukemiro Collieries—The accounts of Pukemiro Collieries, Ltd., for the year ended August 31, 1946, show a net profit of £5221, to which is added a dividend of £l6OO from Waikato Carbonisation, Ltd., making in all £6821. This compares with a net profit of £4191 and Carbonisation dividend of £1333 in the previous year. The directors recommend a dividend of 6i per cent, against 41 per cent in 1945. It is the best rate “since 1938, when the company distributed 7 per cent. The dividend requires £6500, leaving £321 to increase the carry-forward to £2928.