Board Mills To Pay Dividend-5 Per Cent Likely

Bay of Plenty Beacon, Volume 12, Issue 93, 10 September 1948, Page 5

Board Mills To Pay Dividend—--5 Per Cent Likely

At Wellington on Tuesday Mr G. H. Mackley, M.P., chairman of directors of Whakatane Board Mills Ltd., announced that the . directors had informed shareholders it was the intention of the Company to pay the 5 per cent preference dividend, free of New Zealand social security tax up to the present rate of Is 6d in the pound. The company, however, reserved the right to withdraw this concession if and when a dividend in excess of 5 per cent was paid by virtue of the participating rights attaching to the preference shares. Mr Mackley added that it was the intention of the directors to recommend to shareholders at the annual meeting in October the payment of a dividend of 5 per cent on all fully paid-up ordinary shares. Whakatane Board Mills, Ltd., was registered in Auckland in July, 1947, to acquire the active assets of Whakatane Paper Mills, Ltd. Another company, Matea Forests, Ltd., retained the inactive assets of .Whakatane Paper Mills, Ltd., including the Pukuhunui forest area. Whakatane Board Mills, Ltd., has an authorised capital of £1,750,000, divided into 750,000 5 per cent cumulative preference shares of £1 each, participating with ordinary shares up to 7 per cent, and 1,000,000 ordinary shares of £1 each. The original company, Whakatane Paper Mills, Ltd., which had its headquarters in Sydney, was founded in No dividends were paid by the company* from the time of its inception. ’ ,