Lusteroid 1:10 issue

Press, 2 June 1984, Page 24

Lusteroid 1:10 issue

Lusteroid Holdings, (New Zealand) Ltd, is making a one-for-10 issue of bonus shares, after a 39.3 per cent increase in audited tax-paid profit for the year ended March 31. The directors announced yesterday that net profit was $833,000 ($598,000) last year after providing for taxation of $515,000 ($322,000). Included in this total are equity profits of $151,000 ($146,000). Not included is an

extraordinary loss of $83,000 (nil). The profit was struck after excluding minority interests of $85,000 (nil). Sales, excluding intercompany transactions, were $14,277,000 ($10,697,000). Included in the profit are a $583,000 profit from Lusteroid Paints ($488,000); a $54,000 loss by Giant Polymers, Ltd (100 per cent owned) $198,000 profit from Carboline Castings, Ltd (70 per cent owned), and the equity profit ($151,000) from the 45 per cent owned associate, Gitan Chemicals, Ltd. A bonus issue of shares is to be made to shareholders in the ratio of 1 for every 10 held at 5.00 p.m. on July 10. These shares will participate in the final dividend, and will rank equally in all respects. It is the intention of directors to maintain a 20 per cent dividend on the increased capital. A final dividend is to be recommended at 12 per cent (6c a share) making a total of 20 per cent for the year. This will be paid on July 26 from the snare premium account and will therefore be free of tax in the hands of New Zealand shareholders. The principal shareholders in Lusteroid are Wellesley Securities, Ltd (a Fletcher company), 26.2 per cent, and Fletcher Challenge Ltd, 18.6 per cent. The bonus issue will be the fifth by Lusteroid since 1978.