‘Press’ plans 1.4 bonus

Press, 12 March 1982, Page 10

‘Press’ plans 1.4 bonus

The board of directors of The Christchurch Press Company, Ltd, announces its intention to recommend to shareholders a one-for-four bonus issue from the reserves of the company. The issue would be made on the basis of the fully-paid and contributory shares held on April 15. The shares resulting from the issue will not qualify for the final dividend for the year ending March 31.

For the purpose of establishing entitlements the share register will close at 5 p.m. on April 6, and re-open at 9 a.m. on April 7.

A meeting to approve the required resolution will be held in the company’s board room, Cathedral Square

Christchurch, at 2.30 p.m. on April 15. The directors say that they reached this decision after a detailed review of the company’s financial position in the light of progress in its plant re-equipment programme, and the future outlook of the company in particular — and the newspaper industry generally. The chairman (Mr A. A. Macfarlane) said that the directors were well satisfied with the company’s prospects as indicated by the steady growth in both the circulation of “The Press” and its share of the advertising market. They were confident that servicing the bonus issue of shares would be well within the capacity of the company.