South Sea
p. 21 · Read in the full issue
Another ¼-Million
Being Raised
Bp’S Expand In
South Sea
IT is not surprising that there was a stir on the Stock Exchanges when directors of Burns Philp (South Sea) Co. Ltd. announced that another 250,000 Ordinary Shares would be issued (making £1,000,000 altogether of subscribed capital), and that present share holders could buy them at par—one for each three they held.
Up to that moment, the £1 shares had been selling in Sydney at around 49/- Australian. Within hours, buyers were offering 50/-; but the few sellers wanted 55/-, and the price rising.
This Company (about 37 years old, with headquarters in Suva), has for years been using about £1,000,000 of Reserves, as well as all its sub scribed capital, in its large and growing business; has shown a con sistent profit of well over £lOO,OOO per annum; and has paid a regular and cautious 10 per cent, divided.
The Company has an expanding and soundly-based establishment in Fiji, Samoa and Tonga; and recent balance sheets always have shown plenty of liquid funds. However, in the past year the Co. has com mitted itself to considerable build ing programmes in Fiji—especially Suva—and the time apparently has come for a rearrangement of the capital. It is said that the whole of the new Arcade which BP in terests are building in Suva, was let before construction commenced.
There will be no difficulty about raising the capital. The lucky Ordinary shareholders are not go ing to miss purchasing, for 20/-, a share that, on present indications, should immediately be saleable at double that figure.