Victory Transport's expansion
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IN order to cope with the expansion opportunities the directors of Victory Transport have decided to raise more capital. Provided market conditions are suitable the board intends to issue 1,400,000 shares by means of a "rights" issue on the basis of two-for-three. The existing 1s. Ordinary shares are quoted on the Midlands and Western Stock Exchange. But the directors intend to apply for a quotation of all the Ordinary capital on the Lorrdon Stock Exchange, in addition.
The retiring chairman of Atkinson Lorries, Mr. W. G. Allen, told his fellow-shareholders at the annual meeting that the order book is still very healthy. When the extension at Bamber Bridge gets going (expected to be in April next year) "it will be possible to start increasing our output". added Mr. Allen. Generally speaking, said Mr. Allen, the profit so far during the current year showed no great variation. In prevailing stock market conditions few brokers are prepared to make investment recommendations. Under the heading "shares which are likely to grow in value" one well-known firm of London stockbrokers lists Atkinson in their latest investment circular. Also on the circular is market-newcomK York Trailer. The authors state: "It has to some extent alleviated the customary ailment of the industry by buying its own component-making capacity and, like Atkinson, it should benefit from the rise in replacement. spares and repairs work that the deflation should generate". From another leading firm of London brokers I have a note about York Trailer: "If the company can maintain the first halfyear's progress then earnings of 90 per cent should materialize". Looking beyond the current modest dividend yield of 44per cent the shares at 20s. "seem good value", they comment.
Martin Younger