INCREASED CAPITAL

Otago Daily Times, Issue 26637, 6 December 1947, Page 3

INCREASED CAPITAL

MACDUFFS, LIMITED

EXTENSION OF OPERATIONS P.A. WELLINGTON, Dec. 5. Extension of the operations of Macduffs, Ltd., into the field of textile manufacturing accompanied by extended retail operation and an increase of capital, is announced in a statement released on behalf of the directors by their chairman, Mr T. N. Gibbs. The firm has recently acquired the business and property of Warnock’s Drapery, Ltd., Wanganui, to be carried •on as subsidiary. Macduffs (Holdings), Ltd., has acquired a majority holding of the shares of Tekau Knitwear. Ltd., which operates a woollen factory at Ashburton and a co.tton goods factory, at Timaru. A new issue of 80,000 ordinary shares in Macduffs, Ltd., will be offered' in February and March to ordinary shareholders in the proportion of one for each three shares then held. One pound shares will be offered at a premium of 10s. Macduffs (Holdings), Ltd., will also increase its capital. This company holds the shop properties occupied by Macduffs, Ltd., as well as shares in Tekau Knitwear, Ltd, and also holds substantial stocks for Macduffs, Ltd. The capital of the holding company is to be increased to £200,000, and as part of this 80,000 5 per cent, preference shares will be offered to shareholders in Macduffs, Ltd., in May and June of next year. Both issues have received the approval of the Minister of Finance, Mr Nash. A large proportion of the shareholders in Macduffs, Ltd., hold parcels of less than 100 shares, with a further considerable number holding less than 200. Most of these are in odd numbers, a position which arose on the heavy oversubscription of Shillings, Ltd., in 1937. To assist the negotiability of these small parcels, the directors will recommend to the next annual meeting'of shareholders that ordinary shares be subdivided into 5s shares. Macduffs, Ltd., now operates 19 stores throughout the Dominion, and plans are being made to open further branches in 1948.