Prog. Ent. 2:5
PA Auckland Progressive Enterprises, Ltd, operator of the Foodtown chain, is to make a two-for-five, tax-free bonus issue of ordinary shares.
The issue was announced yesterday as the company reported record net earnings of $7.75M for the year to March 25. The new shares will also qualify for a tax-free final dividend of 3.25 c a share (6.5 per cent), which will be paid, subject to shareholder and High Court approval, from share premium reserves. The dividend will absorb $1,516,000, covered 3.85 times by earnings, and will be paid on August 3. Shares issued in the January one-for-eight cash issue do not qualify for the final dividend, but bonus shares resulting from the cash issue will participate in ftill. The directors said that the bonus issue consists of the traditional one-for-five (seven consecutive years) and a further one-for-five to recognise the 25th year of trading of Foodtown supermarkets.
The latest profit, equity accounted but still subject to audit, is a 42.3 per cent lift over 1983. Sales were 23.1 per cent ahead at $352.5M. Tax was $1.66 million higher at $6.22M.
The net effect of property revaluations was an increase of $3.65M.
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Press, 18 May 1984, Page 8
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195Prog. Ent. 2:5 Press, 18 May 1984, Page 8
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