Williams and Kettle proposes 1:6 bonus issue

Press, 31 October 1981, Page 20

Williams and Kettle proposes 1:6 bonus issue

PA Wellington The unlisted Hawke’s Bay stock company, Williams and Kettle, Ltd, is offering a 16 per cent specified preference share issue to be followed by a one-f Or-six bonus issue. The " bonus issue is scheduled for March next - year. The issue is for 1.5 million specified preference shares, to convert in 1987, on the basis of one preference share for every two ordinaries, the company’s annual report shows. In his reviews of operations, the chairman (Mr W. E. Mouat) said he regarded ' the $1,211,062 net proft (only one per cent up on last year) as very satisfactory, consid-

ering disappointing stock prices and the serious effects of inflation. He said farmers faced one of their more difficult seasons, with a dry spring and then wet summer which resulted in a severe outbreak of facial eczema. A table showed average prices for sheep and cattle sold by the company at Stortford Lodge and Waipukurau were down on last year; sheep $16.40 compared with $19.47 and cattle $238.26 compared with $250.08. The merchandise trading section performed ahead of inflation, but Mr Mouat said consumers were buying more selectively, with a move

toward basics, and the company had adjusted its buying policy. Wool prices last season were disappointing, but the supplementary price scheme would, it was hoped, provide the incentive to maintain production. The company will be involved, with the wool board, in the first North Island trials of selling greasy wool with colour measurement.

The company’s computer services division had a successful year, and will be expanding its services to include a library of programmes for farmers to use on their own micro-com-puters as well as wool store computerisation.