Company Notes
MR. H. Scorr THOMPSON, chairman of Mount Charlotte Investments, has more than justified his hopes expresied at the last annual general meeting, in that most of the profits would be doubled this year. For the year ended July 3, 1960, group profits after tax were £45,961 against £22,937. Last September there was a rights issue in 2s. 'A' ordinary shares which brought in £100,000; it is now proposed to capital- ise £142,866 of the share premium account by a scrip issue of one-for-two 'A' ordinary shares. This company operates as a group of caterers and provides excellent fare at reasonable prices in its attractively decorated restaurants known as `Bettafoods.' Last year they acquired Black and White Caterers and are now actively engaged in converting these unprofitable milk bars into `Bettabars.' The chairman expresses his confi- dence in the future by paying a total dividend Of 16 per cent. on the increased capital. The 2s. `A' ordinary shares at 7s. 9d. yielding 4 per cent. look to have good future prospects.
The profit before tax of Aberfoyle Plantations for the year ended March 31, 1960, jumped from £55,49/ to £114,499 and the after-tax figure from £21,267 to £44,621. The output of rubber for the year was 3,449,124 lb., but the crop for 1961 is estimated at 2,718,000 in consequence of the sale of two estates, Chingloon and Tonhurst. Last year the issued capital was increased to £512,455 by a bonus issue of shares and on the larger capital an increased dividend of 21d. free of tax is to be paid on the 2s. ordinary shares. It will be interesting to learn from the chairman, Mr. W. W. Halliday, at the annual general meeting how he views the company's future, as two subsidiary companies have been formed, one in Southern Rhodesia as a tea garden, the other in the UK as an investment trust. Until more is known about the income possibilities of these new ventures it is not possible to assess the potential value of the 2s. ordinary shares, which are now 2s. 6d.
This is the fiftieth anniversary of The Lenggeng Rubber Company and quite an occasion as the chairman, Mr. Colin H. Miller, is paying shareholders a record dividend of 50 per cent. plus a fiftieth anniversary dividend of 10 per cent. for the year ended March 31, 1960. Since the Japanese occupation of the estates in Malaya during the war a vigorous replanting programme has been followed, so that an esti- mated crop of 1,800,000 lb. is expected for the current year. This will, of course, realise less than the average price obtained last year, which was 0.f2d. per lb., but even so the company should have a satisfactory year, but may not reach the trading profit of £80,715 made last year. The 2s. ordinary shares at 5s. 9d. xd. give a high yield of 17.4 per cent., which naturally sup- poses that next year's dividend may be reduced.
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