Company expanding

Press, 12 May 1981, Page 22

Company expanding

Special corres; indent; Palmerston North A personal aim- to have the Rogerson Racing and Breeding Stables, Ltd, t-p of the New Zealand owners’ premiership as been. made by the company’s rnr .ling lirector, Graeme Rogerson of Hamilton. In his report to t , com pany’s annual. general meeting, Mr Rogerson ■ felt the company had experienced a most encouraging first season and he was sure it would not be long before the company I. J the owner list.

Races had been won by Giovanni, Captivation a:.d Taiscar and several juveniles hinted three-year o’d p~* 'n

tial next term. In addition, .12 yearlings had been purchased this summer for two-year-old racing next season.' ' ' ' Ari 84 hectare farm had recently - been purchased at Tuhikaramea. just outside Hamilton. This. ' ;.d been a big step and will become a valuable asset, the c >mpany secretary, Mr Murray Fitchett, reported. To develop the property into a racing, breeding and training centre equal to the best about, a new share issue is being made. This will comprise 600 ordinary shares and 400 specified preference shares of 8700 The preference shares will earn 15 per cent over a five year period.

. The racing account for the company’s initial year of operation showea a non-tax-able profitable of $8853, while tne breeding account produced a $3058 loss because there was. no income during the year. After farni purchase expenses were included, the profit and loss account provided a $7798 deficit bringing the full first year operation to show a $2003 loss. No dividend had been recommended. The company assets after one year are racing, and breeding stock ($275,000) and the company farm at $580,000, this valuation being in December, 1980 shortly before purchase.