Henderson Pollard 1:8 bonus issue

Press, 11 July 1980, Page 8

Henderson Pollard 1:8 bonus issue

PA Auckland Henderson and Pollard, Ltd, board has announced an unaudited, equity-accounted, tax-paid profit of $l.B million in the year to April 30 — an increase of 148 per cent on the previous corresponding period. The directors will be recommending an increase in the final dividend, from 9.5 c to 11c a share (11 per cent), and proposing a one-for-eight bonus issue which will participate in the dividend. Henderson and Pollard is the Auckland-based timber group whose shares on several occasions this year have performed spectacularly well on the market and led to rumours that a takeover raid might be in the offing. A few weeks ago, the company sold its half-share in N.Z. Particle Board, Ltd, to the other partner, N.Z. Forest Products, Ltd. . At its halfway mark, Henderson and Pollard was showing almost a 96 per cent profit gain over the corresponding six months of the previous year. The full year result shows the momentum operating

then was maintained well during the second half. In addition to the trading profit, the directors said today there were extraordinary items worth $450,000; they did not specify the source. Sales rose 44.9 per cent to $25.5M. The directors said that exports had greatly increased, but gave no figures. Exports were 145 per cent ahead in the first six months according to the half-yearly report. The tax provision rose $348,978 to $740,000. The final dividend is payable- on August 25.