Chenery plans 1:6 bonus
The directors of Chenery Holdings, Ltd, intend to recommend a one-for-six bonus issue to shareholders.
They make this recommendation in a preliminary report, in which they state that group net profit rose 5.7 per cent to $287,842 in the year to March 31. Group turnover increased 20 per cent to $6,701,481, while pre-tax profit was 17 per cent lower at $400,334. The earning rate was 27.2 per cent on capital increased by the one-for-five bonus issue made in September, 1977. Last year the earning rate was 30,9 per cent on pre-bonus capital. The profit was after providing $101,623 less for tax at $106,300, after taking advantage of the stock valuation allowance at $19,518. A recommended final dividend of 6c a share raises the annual rate from 9c a share to 10c a share (10 per cent). The bonus shares do not rank for the final dividend, which is payable on July 21, ex dividend on July 5.
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Press, 13 June 1978, Page 19
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161Chenery plans 1:6 bonus Press, 13 June 1978, Page 19
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