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TDG's vital Australian step

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16th September 1966

Page 130

Page 130, 16th September 1966 — TDG's vital Australian step

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1HE agreement concluded between Cargo Distributors (the main

subsidiary in Australia of Transport Development Group) and Thomas Nationwide Transport whereby a major rationalization of overlapping and competition of inter-state transport services in the continent will be effected is a wise and vital step by TOG.

Under the terms of the agreement Cargo Distributors will subscribe for 3 million Ordinary units of 50 cents each of TNT at a premium of $1. In sterling this will amount to £1.8 million. The shares of Thomas Nationwide Transport are quoted and dealt in on the Melbourne and Sydney stock exchanges. The consolidated profit of TNT for the year that terminated on June 30 1965 amounted to $1,079.330 (approximately £430,000 in British currency).

This link-up with Australia's largest inter-state forwarding business (warehousing and distributing services are operated throughout Australia) should prove of immense value to TDG. At their present price of 11s. 9d. these 5s. Ordinary shares yield 51per cent based on the latest payment. I remain convinced they are an excellent share to hold.

Splendid news from recent newcomer to the market—York Trailer Company. The prospectus (April last) forecast an interim dividend of 15 per cent. The payment is in fact lifted to 20 per cent. Group pre-tax profits (unaudited) for the six months that terminated on June 30 amounted to £283,000, compared with £231.000 in respect of the same period a year ago. Profits of at least £440,000 for the full year 1966 and dividends totalling 45 per cent were forecast in the prospectus. Both seem to be well on the way to achievement.

Quite recently the directors stated that exports for the half-year now reported upon more than doubled in value, to £190,897. And the prevailing credit squeeze is causing the group little if any concern; the available adequate cash resources will enable it to ride out the storm, the board states.

Martin Younger