Company Notes LAST October the Save and Prosper Group LAST
the Crosby Income Trust, with a view to offering a higher than usual stable in- come estimated at 5 per cent. By the end of the year about two-thirds of the fund was in- vested in equities and one-third in good prefer- ence shares. The management are now making a block offer of 1,000,000 units at 5s. 3d. per unit, to give an estimated yield of £5 10s. 6d. per cent. The minimum amount that can be purchased is ten units costing £2 12s. 6d. This should prove an excellent unit trust for the long-term investor, as this group has an outstanding record of suc- cess. At a time (around December, 1960) when stock markets were weak, the price of these units, on three occasions only, fell below 5s.
This is the 150th anniversary of Blundell Spence, paint manufacturers; to mark the occa- sion the accounts for the year ended October 31, 1960, are presented with a very full report from the chairman, Mr. E. B. Calvert. He says that the company is able to look back on a fine record of success and with its considerable overseas ramifications the company looks for- ward with confidence to the future. The recent merger with the Permoglaze Paint Company should prove of considerable benefit, and will provide the group with factories in Hull, Birming- ham, Slough, India, Australia and South Africa. Profits for the past difficult year have failed only by a very small margin to reach the record profits of 1959. The net profit of the group, after pro- viding all charges, including taxation, was £282,364, against £212,129. The final dividend of 12 per cent. is payable on the increased ordinary capital (now £1,223,850) by a one-for-two scrip issue which, together with the interim dividend of 6 per cent., makes 18 per cent. for the year. It is intended to make an issue of £1 million 61 per cent. debenture stock, 1981-86, to replace the 6 per cent. unsecured loan stock, repay the bank overdraft and provide additional working capi- tal. The chairman's optimism as to the future makes the 5s. ordinary shares at 14s. 3d. x.d., to yield 6.3 per cent., look an attractive invest- ment.
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