CLYDE ENG. ISSUE

Press, Volume C, Issue 29509, 10 May 1961, Page 19

CLYDE ENG. ISSUE

Details Of Offer

(N Z Press Assoctoilnni WELLINGTON, May 9. Details of the Clyde Engineering, Ltd., issue of 55.000 ordinary shares of £1 each at a premium of 5s were announced today. The issue is subject to the approval of shareholders at an extraordinary general meeting of the company on May 15. The shares will be offered to ordinary shareholders registered at 5 p.m. on May 15, in the ratio of one new share for every three ordinary shares then held. Shareholders will have the right of renunciation of their entitlement and permission has been sought for the quotation rights on the stock exchange. The shares will be payable in full (£1 5s a share) on application, or 10s on application and two calls of 7s 6d each on September 30 and November 30, 1961. The new shares will not participate in the final dividend for the year ended March 31 last, but the shares which are fully paid on application will receive half of any interim dividend, normally payable in December, while the shares paid by instalments will receive onequarter of any such interim dividend. Smith and Brown.—Smith and Brown Holdings, Ltd.. Auckland. furnishers, have completed arrangements for the opening of a furnishing and home appliance retail store in Whangarei next November. The company last week announced the acquisition of Garners Departmental Stores, Ltd., in Palmerston North. The company also has stores in Wellington and Hastings.