Company News FROZEN PRODUCTS

Press, Volume C, Issue 29643, 13 October 1961, Page 19

Company News FROZEN PRODUCTS

Bonus Issue, Cash Div. (NZ. Pres* Associdbon) WELLINGTON, Oct. 12. The directors of Frozen Products, Ltd., recommend payment of a cash dividend of 3 per cent for the year to June 30. They also recommend a tax free bonus issue of 3s stock units in the rate of one for four held. The cash dividend will be the first since 1957. In that year a loss was incurred and the rate was cut from 7 to 2% per cent The bonus issue will increase paid capital by £50,000 to £230,000. It will be made from capital reserves. At November last the. company had a paid capital of £200,000 and reserves of £182,489, including £180,756 in capital reserves. Subsequently it made a bonus distribution of one £ 1 debenture in Meat Packers (NZ.), Ltd., for * every 16 3s stock units held. This took £50,000 from capital reserves. Profit Rise Recently the company reported a group trading profit of £12,020 for the year to June 30, 1961, against £2707 the previous year. From this tax will take about £2200. The company now states that the new financial yeai has begun satisfactorily- FOl the quarter ended September 30 ice cream and frozen foot sales were higher in valut by 7 per cent than for the corresponding period in 1960 The result is considereo satisfactory in view of the unusually cold and we. weather during the period. It is expected that the bonus issue will be distributed early in 1862.