Neil ahead of targets

Press, 31 August 1984, Page 8

Neil ahead of targets

PA Auckland Neil Holdings, Ltd, was well' ahead of budget targets after the first four months of the financial year, the chairman, Mr P. F. Clapshaw, told the annual meeting yesterday. He said that Moffat Appliances Ltd, a whollyowned subsidiary, was enjoying a particularly good year. Sales for July were record and sales for the first four months of the present financial year were 73 per cent up on the previous year. Export sales, particularly to Australia and Britain were well ahead of last year and further new market opportunities were under investigation. Neil Housing, the house building and sales subsidiary was experiencing a sales level well above that of last year. It also had a much greater number of houses under construction when compared with last year.

Outside sales of Neil Timber are running at twice the level of last year. A proposal to pay nonexecutive directors a retirement allowance was criticised by several shareholders at the meeting. The meeting had been asked to approve payment to non-executive directors who had served at least five years of an allowance equal to not more than their directors’ fees for the previous three years. One shareholder said she could see no reason why directors should get the equivalent of three years’ pay for doing nothing. Mr Clapshaw said most jobs, and a directorship was a job, made provision for retirement allowances. He said the proposal had the approval of the stock exchange and such allowances were becoming common among listed public companies. The motion was carried narrowly on a show of hands.