Cooks Wine raises dividend to 15%

Press, 9 August 1980, Page 18

Cooks Wine raises dividend to 15%

PA Auckland Cooks New Zealand Wine, Ltd, is raising the dividend from 12 per cent to 15 per cent, after earning a 48.4 per cent higher profit in the, year to June 30.

The company also plans a one-for-five cash issue of ordinary 50c shares at a premium of 60c each. This total price of 110 c a share compares with recent market sales around 150 c.

The audited profit for the latest year is $339,796 ahead at $1,042,181, Once again no tax provision is necessary; the depreciation charge is $4233 lower at $224,097. Gross sales were 37.6 per cent ahead at a record $6,705,970 with sales volume 24 per cent higher. The gains follow a doubling of profit in the first half/The proposed issue will raise about $955,000, made up of $434,000 capital and $521,000 in share premium. Further details of the issue, includ-

ing the dividend ranking ofthe new shares will be an-i nounced soon. The latest dividend isi three times the maiden 5 peri cent the company paid ini 1977. Since then it has paid! 6 per cent in 1978 and 121 per cent in 1979. ! Shareholders, who wish! can receive all of the latest! dividend from tax-free! sources. Last year 5 per cent; of the 12 per cent payment: was available from tax-free sources. Payment date of the dividend has not yet been announced. j

The earning rate on capital rose from 41.6 per cent to 48 per cent. The company has also announced the appointment of Mr J. R. Adams, general manager of the company since November. 1975, to the position of managing director.

Mr O. L. Williams, financial controller since February, 1975, becomes corporate secretary.