MONEY MATTERS
Page 42
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Bristol Street and Spurling
ABID in the form of a share exchange offer worth about Wm. his been made by BRISTOL STREET GROUP for the Ordinary share capital of Spurling Motor Bodies. Four Ordinary shares of 4s. each of Bristol Street are offered for every nine Ordinary units of 4s. each of Spurling Motor Bodies. The directors of Spurting (and it is a unanimous decision) recommend shareholders to accept they intend to, and the terms of the offer seem reasonable enough.
The directors of the two groups believe the businesses are complementary, as indeed they appear to be. New shares of Bristol Street that will require to be issued will not rank for any final dividend announced by the company during the trading year 1964. But if the offer becomes unconditional Spurling Motor Bodies will declare an inter:in dividend of 7% in respect of the trading year to end on May 31, 1965.
The chairman of BRITISH MOTOR CORPORA FION -Mr. George Harriman-told shareholders at the annual meeting that despite the uncertain outlook he views the future of the group with "quiet confidence ". In a reference to the uncertainties. which included the corporation tax proposal. Mr. Harriman added that he was sure they would "tackle them with vigour and imagination ".
Deputizing for the late Lord Rootes (who was ill at the time the deputy chairman of ROOTES MOTORS (Sir Reginald Rootes) told shareholders at the annual meeting that the link-up with Chrysler Corporation was proving a happy one ". He stated that the three directors of Chrysler who were now on the board were at one with us in their determination to complete the successful development of the Scottish (Linwood) project". Sir Reginald added that there was much to be done before major beneficial results could accrue. but plans were being rapidly developed.
The year that ended on September 30 last was a better one for TURNER AND NEWAI,L. Consolidated trading profit jumped to f13.7m. front £11.1m. the previous year. Out of these higher earnings the directors recommend the payment (on February 20, 1965) of a final dividend of 7%. This makes the year's total 10% compared with the equivalent of 9% paid the previous year. Ferodo Ltd. is a subsidiary of this leading group. At around their present price of 40s. 6d. T. and N. Ordinary units yield a useful 51% based on the latest dividend. They touched 46s. 10101. earlier this year.
Martin Younger