Abcal to make issue

Press, 2 March 1984, Page 11

Abcal to make issue

Associated British Cables Ltd will make a one-for-four bonus issue and split its shares to 50c units. The company’s directors yesterday reported that audited net profit rose by >669,504, or 22 per cent to >3,802,941, for the year to December 31. Tax for the year was >2,236,792 (last year, >2,104,041) and depreciation was >611,694 (>560,421). An associate company, Aluminium Conductors, Ltd, had a record year and contributed >251,790 (>168,152) to the group result. Sales were 14.7 per cent ahead of 1982, and the directors said the increase arose from the recovery of the general wiring products market in the second half of the year and a large volume of energy project cables from the mains cables division. Order books for 1984 had been strengthened by the continued rising demand on the general wiring factories. A final dividend of 16 per cent will be paid on April 16 and that maintains the annual rate of 28.5 per cent. The total annual dividend will be >1,603,125 and that is

covered 2.3 times by the profit. At the company’s annual meeting, on April 16, shareholders will be asked to approve the splitting of the >1 shares to 50c units and the increase of the authorised capital from >8 million to >2O million. They will also be asked to approve the bonus issue

from capitalisation of >1,406,250 from the company’s revenue reserves. Bonus shares will not qualify for the interim dividend arising from the 1984, June half-year but will qualify for the final dividend this year. The books will close on May 22 to establish bonus issue entitlements.