PROFIT RISE, BONUS BY H. BERRY

Press, Volume CIX, Issue 32011, 11 June 1969, Page 12

PROFIT RISE, BONUS BY H. BERRY

Sales and net profit (subject to audit) of Henry Berry, Ltd, Wellington wholesale grocery merchant, for the year to March 31 both increased, the directors announced in a preliminary statement yesterday.

They recommend a final dividend on ordinary shares of 5 per cent, making an unchanged 10 per cent for the year. The dividend, if approved, will be paid on the day of the annual general meeting. This date will be advised later, but is expected to be in August. The directors will also recommend to shareholders a bonus issue of one for every six shares held. They expect to maintain

the present 10 per cent dividend on the enlarged capital. After the bonus issue a cash issue will be made of one new share for every 12 ordinary shares then held. The cash issue—which will be at a premium of 25c—will close 28 days after the annual meeting. The directors say that the additional capital is required for development projects

which are at present in hand. Last year Henry Berry increased net profit by 19 per cent to $96,316, to earn 17.3 per cent on ordinary capital (after deducting the preference requirements) and 5.8 per cent on average shareholders’ funds. The shares, which have a net asset backing of 258 c. sold before the announcement at 215 c, and gained 3c yesterday. 1