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IpWERY MERGEil

SWHN AND GASTLEMA1NE UNITE DETAILS OF AGREEMENT

/ .Confirmation is now forthcoming of ?fcateinents published some weeks ago that aegotiations were in progress for the Swan .jBrewery Co.. Ltd., to take over the busi

ness of the Castlemaine Brewery Co. The vendor company, it is learned, is to receive a cash consideration and 82.500 or dinary shares of the Swan Brewery Go., .which accordingly will have to issue new ?erip for the. purposes- of- the purchase. The Swan Brewery showed profits in 1925-26 of £80,225. 'Profits' are struck by the company after making allowances for depreciation of plant, etc;', and 'mamten'i ince: repairs, and it has always -been-. un- derstood that . . the ? board . has consistently ffi&de allocations of the kind on a generous ecale. Capital authorised is 263,320 ordinary shares of 25s each, of which 15^768 shares. are ??unissued, and 50,000 6 per cent.- pre- ference shares of 20s each. The company fcfs- a reserve fund of £236,000, and an equalisation reserve of £43,859, and on September 30 last reported total share holders' funds at £709,809. Outside liabili'-r ties of £130,758 then had to be set against assets of £840,567. Of that ? sum :£646,349 represented freeholds and plant, £122,269 debts due, and stock-in-trade, and £58,265 l&ans on mortgage, etc. The company's shares have stood in the ^ market v' at wel about 60s each for some time, but dealing is rarely done in them. The Castlemaine Brewery, Ltd.. has the relatively small capital of £70,000. Its assets, as shown in recent balance sheets, have 6tood approximately at £200.000, of which about £178,000 is represented by pro perties, plant, goodwill, etc. Apart from the paid-up capital of £70,000, share holders' funds include reserves which in-a late balance sheet agjrresrated' about £87,000. The consolidation of the interests of the two businesses, it is expected, will lead to a -reduction in costs, and will substantially strengthen the position of the Swan Brew ery.

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