2:3 Bonus Issue By N.Z. News

Press, Volume CIX, Issue 32303, 22 May 1970, Page 17

2:3 Bonus Issue By N.Z. News

(New Zealand Press Association)

AUCKLAND, May 21. New Zealand News, Ltd, Auckland, will make a two-for-three bonus issue after a 44.3 per cent jump in group net profit in the year to March 31, the directors announced in a preliminary statement. The effective rate of dividend will be raised to 16 per cent on prebonus capital.

i The final dividend on capi [tai after the bonus issue wil I be 6 per cent. This, with th 'interim dividend of 7 pe cent, will make a total of li per cent on olc' capital. Last year, the company in creased its dividend from 1 to 13 per cent, to which a 2 per cent centennial bonus wa: added. The bonus issue will b< tax-free in the hands of share holders and is made after < revaluation of certain assets This revaluation has beer approved by the Inlanc Revenue Department, the directors say. The bonus issue will be made on holdings as at June 24, and approval will be sought at the annual meet ing on July 8. Total dividend require ment is $793,049, againsi $722,122 last year. The latest result, subject t< audit, increased by $484,22!

- to a record $1,577,536. 1 This represents an earning ! rate of 20.3 per cent on capi- ■ tai after the bonus issue, com- > pared with 14.2 per cent after adjustment for the bonus • issue, last year. The bonus issue will inI crease paid capital bv i $3,112,833 to $7,782,083. 1 The final dividend is pay- ' able on July 9. ex June 25. NEALE. HARKNESS AND HOBBS. Members of the Christchurch Stock Exchange incorporating J. B. Neale and Son, Harkness and Hobbs. Sharebrokers. NEW ADDRESS: | 3rd Floor S.I.M.U. Bldg, j 29-35 Latimer Sq., Chch 1. ! Telephone 64-935—80 x 64 i (Unchanged).' il —Advt