Arnold Wright share split

Press, 1 March 1984, Page 22

Arnold Wright share split

Arnold and Wright, Ltd, the Wellington-based lighting specialists, is proposing to split its 100 c shares into 50c units and to make a one-for-two bonus issue after the split, the directors announced yesterday in a half-yearly profit report. The report shows that the unaudited group net profit fell 8.3 per cent to $176,000 in the six months to October 31, compared with the previous corresponding period.

Sales have increased about 7.5 per cent to the end of January, but costs are also ahead because two new showrooms were opened in the three months since October 31, the directors say.

The subsidiaries, Anglo, Santon, and Lighting Products, are all busy. Corbu Systems, Ltd, was sold for cash at the end of October for a satisfactory price. The profit was after providing $12,000 less for tax at $123,000.

An extraordinary meeting will be called as soon as it is practical, to pass the required resolutions to allow the share split to proceed.

The directors say they are confident that the dividend rate of 22 per cent (11c for each 50c share) can be maintained on the increased capital.

The ex bonus and share split dates have yet to be settled.