N.Z. Refrig. May Reduce Dividend
New Zealand Refrigerating Company, Ltd., Christchurch, might reduce its present dividend rate of 7| per cent once its deferred shares become eligible for dividends from March 31 of next year, the chairman (Mr C. S. Peate) told the annual meeting.
However, Lt was hoped that the total cash pay-out could be maintained or increased, he said.
This would depend on operating results of future years.
At present, the 7J per cent dividend, which requires £187,500, is paid out on capital of £2.5 million.
Another £1,634,802 in capital, paid out in a three-for-five bonus in 1965, is deferred for dividend payment until next year. On the full capital of £4,134,802, a pay-out of £187,500 would be equivalent to a 4.55 per cent dividend. Mr Peate said that the case involving the take-over of Meat Packers (N.Z.), Ltd., had not been heard and that aspect could not be discussed further at the annual meeting.
However, Meat Packers earned a profit of £10,869 in the 11 months to October 1— a vast improvement on the previous year’s results.
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Bibliographic details
Press, Volume CVI, Issue 31305, 27 February 1967, Page 17
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180N.Z. Refrig. May Reduce Dividend Press, Volume CVI, Issue 31305, 27 February 1967, Page 17
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