Clyde Eng. Plans One-for-4 At Par

Press, Volume CVI, Issue 31111, 14 July 1966, Page 19

Clyde Eng. Plans One-for-4 At Par

(New Zealand Press Association) WELLINGTON, July 13. Directors of Clyde Engineering, Lower Hutt-based heavy machinery distributor and importer, have resolved to raise £70,000 by way of a cash issue to shareholders at par, the New Zealand Stock Exchange Association has been told.

The new shares will be offered to shareholders registered at 5 p.m. on July 19 in the ratio of one new share for every four shares held. The issue has been jointly underwritten by Messrs Daysh, Renouf ,and Company, members of the Wellington Stock Exchange, and New Zealand United Corporation. Directors consider that this additional share capital is necessary because the substantially increased volume of trading undertaken by the company and the manufacturing subsidiary Huntly Engineering and Welding Company, has created a need for further funds to continue this development. Proceeds from the issue will also be used in developing the activities of the Rotorua branch of Atlas Steels (N.Z.) and of the company’s transport division. New shares will be payable either in full on application by August 19 or 10s on application and 10s payable by February 28 next year. New shares paid in full will receive one-half of the interim dividend for the year to March 31 next and then rank equally with existing shares New shares paid to 10s will rank for one-third of the interim dividend and half of the final dividend. Ex rights date is July 20.