B.N.Z. Finance assets up $7m

Press, Volume CXI, Issue 32637, 19 June 1971, Page 20

B.N.Z. Finance assets up $7m

(New Zealand Press Association)

WELLINGTON, June 18.

Total group assets increased $7,103,000 to $15,370,000 in the year to March 31, the chairman of the B.N.Z. Finance Company, Ltd (Mr D. A. F. Crombie), said in his review of the annual accounts.

The total assets include sl.6m of Government stock. “Included in the total assets at the close of the year is an element of financing which the board decided should be devoted to development which is in the national interest,” Mr Crombie said. “The board intends to continue to give an appropriate measure of support to development projects of national importance.” As already announced, the net profit for the year increased 70 per cent to $295,000. The profit was struck after providing $125,000 more at $295,000 for tax. Retained earnings at balance date were $4516 higher at $68,516. The company will make a rights issue on the basis of one for two at a premium of 50c a share, payable in full on application. Full particulars will be sent to shareholders on July 2. The issue will increase issued capital from $1,200,000

to $1,800,000, and will establish a share premium reserve of $300,000. “On present indications, the potential for worth-while expansion of activities is favourable,” Mr Crombie said. The dividend, which is 2 J per cent higher at 10 per cent requires $120,000 and is covered 2.4 times.