Commercial Ballins marks 100 years in city

Press, 31 May 1978, Page 12

Commercial Ballins marks 100 years in city

Ballins Industries, Ltd, is marking its centennial year .with a one-for-eight bonus ' issue, and a special dividend. The staff of the company • will receive $lOO,OOO to recognise their contribution to the success of the company, i The group’s net profit, on an equity basis, for the year to March 31 rose 31 per cent, or $518,000 to $2,186,000, after a benefit of; $184,000 from the tax rebate-; based stock. The directors recommend; a final dividend of 3.25 c a 1 share on existing ordinary ;

shares, which will be made up of 1.75 c from profits, i which will be liable for tax I in the hands of shareholders, (and 1.5 c from share pre- ’ mium reserves, which will ibe non-taxable. The total recommended dividend for the year~ on ordinary shares is 6.25 a share (12J per cent) of which 3c a share is non taxable in the hands of the shareholders. This year is the hundredth) anniversary of the com-l mencement of trading in J Christchurch by Mr Bernard

Ballin. To mark this occasion the directors are recommending a one-for-eight bonus issue of ordinary shares from capital reserves. These shares will not participate in I the final dividend, but will receive the interim dividend for the six months to September 30, 1978, which is payable in January, 1979. The directors expect that the present rate of dividend will be at least maintained on the increased ordinary capital. The directors also recommend a special centennial dividend to ordinary shareholders, on their pre-bonus holdings, of 1.25 c a share, which will be made from share premium reserves, and not taxable. The shareholders of convertible specified preference shares will not receive the centennial dividend. However, on the conversion of their shares, holders at that time will participate in the bonus share issue in the same ratio as ordinary shareholders. The dividends are payable on August 23, the date of the annual meeting.