Tappenden down; pf issue planned

Press, 11 June 1977, Page 16

Tappenden down; pf issue planned

The unaudited group net. profit of Tappenden In-’ dustries, Ltd. for the year to’ March 31, fell $165,000 or 18.0 per cent to $750,388,’ compared with the previous' financial year. The pre-tax profit for the latest year was down 17.0] pet cent at $i.4M, and the net profit was after providing $122,516 less at $649,362] f r tax. Group sales revenue for’ the year rose 10.9 per cent’ to S37M. Issues to staff and the] conversion of Richardson McCabe preference shares] resulted in capital being in- i creased during the year to | $3,189,945. Earnings per share on the year ended capital was 23.5 c, compared; with 29.5 c. The directors recommend! a final dividend of 6 per; cent (6c a share) for the ] year, making an unchanged] total dividend for the year] of 12c a share. Of the final dividend 4c [ will be available from tax] free distribution from share;

■ premium account, which together with the 3 per cent interim distribution results lin a total tax free distribution for the year of 7c la share. The final dividend is to be paid on August 18, ex dividend August 4. Subject to approval of shareholders at the annual ] general meeting on August 'l7, it is proposed to make a o n e-for-five non-renoun-Iceable issue of 12 per cent [cumulative convertible specijfied preference shares of ’ 100 c each at par, ex entitlement August 19. The preference shares will convert in 1983 into ordinary shares of 100 c each on ■ the basis of one ordinary [share for every one convertible preference. I The issue will close on [September 30 and full ] details will be announced later.