COLONIAL SUGAR CO.

Hawera & Normanby Star, Volume LXIX, Issue LXIX, 27 March 1915, Page 8

COLONIAL SUGAR CO.

THE NEW ARRANGEMENT.

BY CABLE-PRESS ASSOCIATION-COPYMGHT.

(Received March 27, 12.30 p.m.) ! SYDNEY, March 27. I The chairman of the Colonial Sugar Co. stated that on March 31st the half of the business outside the Commonwealth would represent three, and aquarter millions. The proposed new company would have preference shares to that amount, the parent company subscribing £250,000. Ordinary shares provided working capital and preference shares would be distributed to shareholders pro rata, each receiving otte £20 share for every share now held. The shares thus allotted to the ■new company would carry a 6 per cent, cumulative preference dividend, which vrouia take precedence of any dividend "■ n ordinary shares. held in the Australian company. This six per cent, preference dividend would not be additional to present income, but would be drawn, therefrom. Shareholders had no reason to suppose that the proposed division of assets would bring more profit, for distribution was not proposed. All control would be in the same Board of Management, but worked as separate businesses, and as the interests of the new company would be Jarger in Fiji than in s New Zealand, registration would be made in the former, but provision was made for share registers in Sydney, Suva and Auckland. Dividends would be obtainable at any Australasian, branch. An allotment of shares will be made in May or June.