COMMERCIAL N.Z. Brew. celebrates 50th anniversary

Press, Volume CXIII, Issue 33241, 2 June 1973, Page 18

COMMERCIAL N.Z. Brew. celebrates 50th anniversary

New Zealand Breweries, Ltd will mark its fiftieth anniversary with a tax-free special dividend, a bonus issue, and a cash issue, the chairman (Sii Clifford Plimmer) says in a preliminary report. Profit rose by $1 million to 55.3 million.

The special tax-free dividend will be 2.5 c a share (5 per cent). A final ordinary dividend of 7| per cent for the year to March 31 will also be recommended to shareholders at the annual meeting. If approved, it will make a steady total ordinary dividend of 12 per cent for the year. The board will recommend a one-for-ten bonus issue from the capitalisation of realised profits. The directors have also decided to make a cash issue of one new 50c share at 50c for each 10 held on July 25. A bonus to staff based on length of service, will be, paid, requiring $200,000. “It| will apply to those with two! years service or more,” Sirs Clifford Plimmer said. Sir Clifford Plimmer out-

lined the special fiftieth anni-| versary provisions in a letter! ito the Stock Exchange Asso-I ciation this afternoon. The letter also disclosed; the preliminary results of the trading year to March 31. The group net profit rose!

J by about slm, or 23 per cent, Tto about $5.3m. This is a re-1 I turn of 10.4 per cent on share-j : holders’ funds, compared ! I with 9.9 per cent last year.! The ordinary dividend will! ‘ absorb $2,407,945, covered 12.2 times by the year’s profit. 1