PAPER PULP

New Zealand Herald, Volume LXXIV, Issue 22716, 30 April 1937, Page 11

PAPER PULP

; AUSTRALIAN INDUSTRY EXTENSION PLANNED SHARE ISSUE TO FINANCE By Telegraph—Press Association—Copyright (Received April 29, 10.30 p.m.) ; MELBOURNE. April 2!) Australian Paper Manufacturers, Limited, to-day announced the issue of 1,000,000 6 per cent cumulative » preference shares to finance the i establishment of the paper pulp , industry in Victoria and to extend r the present paper mills in Sydney £ and Melbourne. Only 100,000 shares will be avail- [ able to the public. Four hand rod thousand shares are being taken by Messrs. J. B. Were and Company, brokers, and 500,000 have i been earmarked for shareholders in the L holding companies, the Australian r Paper and Pulp Company, and the Cumberland Paper Board Company. i Australian Paper Manufacturers, Limited, is an operating company. Its directors are Sir Hugh Denison (chairman), Sir Herbert Gepp, and Messrs. Norman E. Brookes, H. Brookes, C. Templeton, C. J. Todman, F. E. Thonemann, G. Michaelis and G. Doherty. The authorised capital is £1,600,000 in 2,000,000 16s shares (reduced in 1929 1 from £2,000,000 in £1 shares). In December, 193-5, the two holding companies, Australasian Paper and Pulp, , Limited, and Cumberland Paper Board Mills, Limited, subscribed for 400,000 16s shares at a premium of 9s a share, in the proportion of one new share for i every four already held, the former taking 310,472 shares and the latter 89,528 shares, thereby increasing their holdings to 1,552,361 shares and 447,639 j shares respectively.