WOOLWORTHS (N.Z.). LTD.

Wanganui Chronicle, Volume 79, Issue 281, 27 November 1936, Page 11

WOOLWORTHS (N.Z.). LTD.

NEW ISSUE OF SHARES NET PROFITS INCREASE The report of the directors of Woolworths (N.Z.), Ltd., for the year ended October 1, 1936, shows that the profit for the year, after deducting all working expenses, provision for depreciation, and directors’ fees as set forth in the profit and loss appropriation account, is £135,786 14s Id. After setting aside as provision for taxation £63,000, the net profit amounts to £72,786 14s Id, compared with £60,104 for last year. Interim dividends in respect thereof have been distributed as follows: Preference shares, 41 per cent, on April 15, 1936, £2250, and 2 7-10th. per cent, on October 15, 1936, £1350, in all £3690. Ordinary shares, 5 per cent, on old capital on July 1, 1936, £12,250 18s (equal to 3 4-7th. per cent, on new capital), £15,850 18s, leaving a balance available for appropriation by the meeting of £56,935 16s Id. The directors recommend the declaration of the following final dividends for the year: Preference shares, 1 4-sth per cent, bonus dividend on preference share capital (making a total of 9 per cent, for the year), £900; ordinary shares, 7i per cent, dividend on ordinary share capital, £25,727 12s 6d; 5 per cent, bonus dividend on ordinary share capital, £17,151 15s, making together £43,779 7s 6d. They also propose to transfer to general reserve the balance of £13,156 8s 7d. After making the abeve transfer to general reserve of £13,156 8s 7d, the amount at credit of general reserve and reserve account will aggregate £108,671 9s 4d. The directors are pleased to report that the affairs of the company have progressed favourably and that all branches are operating successfully. Branches were opened during the year at Gisborne, New Plymouth, Napier, and Hamilton. In accordance with the requirements of the National Expenditure Adjustment Act, 1932, a reduction of 20 per cent, in the annual preference dividend was made from the payment made to preference shareholders on October 15, 1936. It is the recommendation of the directors that a bonus of 1 4-sth. per cent, be given to the preference shareholders as set forth above. It is proposed to issue 34,304 ordinary shares at par in the proportion of one new share for every ten shares held, to the holders of ordinary shares registered on the books of the company on December 15, 1936. The terms of issue will be 20s per share cash on application and such application to be received on or before January 31, 1937, and any shares not applied for by that date as well as all shares becoming distributable in fractions shall be dealt with in such manner as the directors shall think fit. Shares paid for in accordance with these terms will rank for dividend equally with existing ordinary shares as from January 31. The transfer books for ordinary shares will close in connection with this issue from December 8 to 15. 1936, inclusive; the last date on which transfers may be lodged will be December 3, 1936, at 5 p.m. As soon as possible after December 15, 1936, a further notice regarding this issue, together with application form setting out the number of shares for which each shareholder is entitled to apply, will be forwarded by the company to the shareholders as at that date. It is with very sincere regret that the directors report the recent death of Mr. G. W. P. Creed one of the original directors of the company, whose interest and activity in the affairs of the company were much appreciated by his co-directors. After careful consideration the directors have decided not to fill this vacancy, and confirmation of their action is desired at the annual meeting.