ICI EXPANSION

Otago Daily Times, Issue 27505, 27 September 1950, Page 9

ICI EXPANSION

Ordinary Shares Offered To Public Imperial Chemical Industries of Australia and New Zealand, Ltd., intends to spend more than £4,000,000 in the expansion of its plants. Plans include the extension of the manufacture of alkalis, chemicals, leathercloth, rubbercloth, plastic materials, slide fasteners and ammunition. For the first time in the history of the company, part of an issue of ordinary shares will be made available to the public. The issue will comprise 1,006,505 £1 ordinary shares, which will be offered at a premium of 2s 6d a share, and it will be underwritten by J. B. Were and Son, Melbourne. Employees of the company and its associates will be offered 260,000 shares out of the total of 550,000 shares taken firm by the underwriters, 37,130 have been reserved for the company’s pension fund, and 419,375 will be available for the public generally. The new issue will increase the company’s paid capital to £10,000,000, £9,000,000 of which will be ordinary capital. Up to the present, only the preference capital has been held publicly The bulk of the ordinary shares is held by Imperial Chemical Industries, Ltd., London, and the remainder by Australian base metal companies and Australian Consolidated Industries, Ltd. Earlier this month the company announced plans for borrowing up to £3,000,000 by an issue of 4 per cent, debenture stock. Terms of the share issue are 7s 6d payable on application by October 24 (including the premium of 2s 6d), and three 5s calls on April 30. 1951, October 31. 1951, and April 30. 1952.