A.F. Co-op dividend raised

Press, 4 March 1982, Page 21

A.F. Co-op dividend raised

PA Auckland Allied Farmers’ Co-opera-tive, Ltd. is paying a 12.5 per cent interim dividend (8 per cent last year) after recording a 26.5 per cent higher net tax-paid profit of $1,216,000 for the six months to February 1. The profit comes after tax of $918,000 ($786,000 for the

same period the previous t year). The dividend' is pay- j able on May 3. ’ I The chairman (Mr D. L. • Hazard) told an extra- j ordinary general meeting i that until the recent bout of I dry weather there had been I an abundance of feed. This, I together with the payment of I S.M.P.S and a hesitant mar- I ket for livestock, resulted in i lower turnovers of sheep and | cattle until late in the period, I with the effect that livestock j division earnings were about j on a par with last year. > Generally, other activities 1 had produced improved ! profits. “Over all, we are ; pleased with the result,” he I said. I Mr Hazard said discussions ■ with Yates Corporation after ! ‘ ”. 1 !

the withdrawal of Yales’ take-over offer were continuing. but the directors expected to make an announcement “within a matter of days.” Answering a shareholder,Mr Hazard said that the Allied directors had looked at many possibilites since

discussions with Yates began including the possibility of Allied taking over Yates. He said that any rationalisation within the stock and station field would have to Ge ratified by the Examiner of Commercial Practices. Three companies — Dalgety’s, Fletcher-Challenge, and’ Allied Farmers, were

operating in the same area, and it was unlikely that the examiner wouid agree to a reduction.

The meeting passed unanimously the directors’ recommendation that a one-for-five bonus share issue be made. Certificates will be issued in early May.