NEW SHARE ISSUE

Wanganui Chronicle, Volume 80, Issue 250, 21 October 1937, Page 11

NEW SHARE ISSUE

FELT AND TEXTILES OF AUST. ONE FOR TWO AT PAR In a circular to shareholders regarding the issue of 178,927 ordinary shares of £1 each to ordinary shareholders at par in the proportion of one for two, the directors of Felt and Textiles of Australia, Ltd., state that the reasons for the issue of more capital are as follows:—(a) General expansion of business; (b) the establishment of new plants and a new business in India; (c) expansion of certain of its subsidiaries, requiring the addition of further plant; (d) acquisition of other business. As a result of the investigations in India of Mr. A. J. Vale, one of the company’s directors, the board is of opinion that a modset investment of capital in that country will be of immediate benefit.

Expansion in the operations of the subsidiaries has necessitated the in-

stallation of additional plant. Three important slipper companies have recently been purchased outright, and expansion is also taking place in the company’s slipper trade. The new shares are payable either in full on application or 5s a share on application, 5s on April 1, 1938, 5s on August 1, and 5s on December 1. Applications will close on December 1, 1937, and transfer books close on October 21.