Lowes repaying $1.5 million
NZPA Sydney I Lowes, Ltd, a Sydney retailer which is the subject of ( a $7.6M take-over bid from [ E z y w a Ik i n PropertiesProprietary, Ltd, will make a[ capital return of SI.SM, and; 1
has promised further share-i holder benefits. The Lowes board plans a| capital return to shareholders of 20c a share, reducing the par value of the) I shares to 30c. The directors said “thei new corporate strategy” of] moving away from "store! ownership would “provide I substantial capital profits, I: and will make available a! considerable amount ofll liquid funds which will; enable Lowes to pass on’: benefits to shareholders.” h The “new strategy” wasil to dispose of properties;; which did not make a satis- :r factory contribution to profits, and lease new premises, ; in regional shopping com- r plexes, as suitable sites be- t came available. ! i The Ezywalkin bid was.c “totally inadequate” andi< would prevent shareholders (a from- “obtaining the benefits; of our new policies,” their directors of Lowes said. 1 d
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Press, 26 April 1979, Page 27
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174Lowes repaying $1.5 million Press, 26 April 1979, Page 27
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