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MONEY MATTERS
Page 91
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Cheer from Transport Development Group
VEN a broker said to me "T.D.G. marches on" ie summed up simply and in a nutshell the outstanding performance of this leading group. In what has been officially described as a "profitable and stimulating year " the results for 1963 are truly excellent. At £3.8 so., trading profits show a jump of £718,000; there is an effective increase of 3% to 13% in the year's distribution. Further, the directors, for
issue
on fourth successive year, propose to make a scrip on the basis of one for four. The improvement in the economy during the second half of last year produced increased activity for virtually all TRANSPORT DEVELOPMENT GROUP subsidiaries. In fact, it is stated, some found their resources stretched to the limit, And, of vital importance for the future, this situation has continued into 1969.
In 1963 the growth of the group by acquisitions was carried a good deal further. The policy of expansion will no doubt be pushed farther during the current year. For example, it is expected that the group will now go ahead with its take-over bid, worth about 13 m., for Cargo Distributors, of Melbourne. The board of the Australian company has given the green light to the proposals. Ahead of the announcement of the results the price of these shares hardened about is. to 15s. 3d. They are currently priced a few pence better than this.
TRENT MOTOR TRACTION announced a higher net profit for 1963—Z196,238, compared with £174,402 h) the previous year. The dividend, however, is being maintained at 10% tax free with the proposed final payment of 6%. These shares, quoted on the London and Nottingham Stock Exchanges, were dealt in at 44s. 6d. recently.
Old Broad Street Securities Ltd. is arranging an offer for sale of the Ordinary shares of POINTER GROUP HOLDINGS LTD., of Norwich. This is the parent company of a group engaged in sand and gravel quarrying, civil engineering contracting, transport (including fuel oil distribution) and storage. The offer for sale is to be by tender. By this means (which is not a new one, but one which has gained in popularity recently) investors are asked to state at what price they are prepared to take the shares offered, i.e., to tender for them. It is usual for a minimum price to be fixed below which no offer will be considered. An official of Old Broad Street Securities told me that the offer can be expected about the middle of March, but he would not divulge the number of shares to be offered.
Meanwhile, the Ordinary shares of TARTAN ARROW SERVICES made the expected good start when dealings began on the Scottish Stock Exchange. Placed at 12s., the price opened at 13s. and quickly moved ahead to around 14s. 6d.
Martin Younger