Market losses upset R. and W. Hellaby

Press, 26 November 1979, Page 22

Market losses upset R. and W. Hellaby

Substantial losses incurred in the American beef market and, to a lesser extent, in the British lamb market have caused a fall of 13 per cent to $2,975,967 in the group net profit of R. and W. Hellaby, Ltd, in the year to September 30, the directors say in a preliminary report. The directors also reported an extraordinary profit of $54,302 ($181,075 previously) which brings the total profit to $3,030,269 ($3,623,526). Plans were also announced for the company’s second cash issue this year. It will be a one-for-five renounceable

issue at par (100 c on shares held on November 23, with payment due on February 18, The new shares will not participate in the interim dividend due in May, but will participate in all future dividends after the May payment.

A final dividend of 8.5 c a share makes .a steady 14c share (14 per cent) for the year.

The final dividend will be paid on increased capital after the one-for-four cash issue made earlier this year, and 4c a share will be taxfree.

Subject to reasonable trading the directors said they expected to maintain this year’s dividend rate on the increased capital resulting from the new cash issue. Results from most of the subsidiaries, particularly from the company’s farms, were satisfactory. Only the Shortland freezing works and Hellaby Peach Products. Ltd, failed to meet expected returns.

The dividend is payable on December 13, and ex dividend and ex rights on November 21.