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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
May 28, 1968
Page
5
London markets review a firmer sterling after a low prior week and a bullion market gold price set at 41.50 US dollars an ounce, down 25 cents. The report notes profit shifts, tax provisions, and depreciation changes amid devaluation effects and a nonrecurring gain of 39,292 dollars.
Reckitt Colman signals expansion following a reverse takeover of Big Sister Foods Ltd. A top executive in Sydney described the plan as a major step for the group, with further moves anticipated in Australia and New Zealand. Director E V Wright of Reckitt Colman Chiswick commented on the Australian stake in OTC Ltd.
Prestige Ltd, hosiery and clothing maker, lifted its earning rate from 24.3 to 30.0 per cent for the year to March 31. Turquoise mine deal: Vam Ltd via Capricornia Mineral Development Co Pry Ltd pays $350,000 for 75 per cent of a turquoise mine and gains options over two areas totalling 140 square miles south of Hatches Creek in the Northern Territory. Central Noneman Gold Corp NL WA to pay a half yearly dividend of 15¢ a share on June 27, with last year’s payout similar. Capricorns’ $1 million cash option with 5,000 ft depth drilling reported near Warrnambool, as mining activity continues in copper, uranium, and phosphate rich zones.
British Tobacco profits growth cited alongside Reckitt and Colman Australia and DAC takeover plans. A share issue valued at 0c per unit, an 8,570,700 share issue, and a 12 to 22 percent earnings rise are noted as part of a broader consolidation in the food and packaging sectors. Directors push forward with bids, renewals, and market moves as Leigh-Mardon and Fibre Containers show expanding activity.
Directors announced the sale of the Beachcomber hotel motel at Toukley by Astor H M Astor Hotel Motels Ltd. Daranapowrur said he would bid, in a two sentence statement to the Sydney Stock Exchange. He already controls about 40 percent of O Connell Corporation’s capital. Kwikasak Industries and Stirling Henry Ltd associates are believed to hold around 200,000 O Connell shares.
Connell Corporation directors indicate they may back an unconditional bid by Mr Shapowlofl for 10 percent of Stirling Henry at 250 dollars a share. The bid requires funds placed with a trustee for accepting shareholders before directors consider recommending acceptance.
Sydney brokers launched a hostile bid offering 160 dollars a share or 180 dollars in six weeks for 10 percent of Vanderfield and Reid Ltd. The mystery buyer, Banker Pty Ltd, formerly Headstone Investments, said no timber affiliations exist and would need acceptances from only 10 percent of shares.
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