Nat. Bloodstock above forecast

Press, 3 July 1985, Page 35

Nat. Bloodstock above forecast

PA Wellington Racehorse breeder, National Bloodstock Corporation, Ltd, has reported a maiden net tax-paid profit of $864,000 for the year to March 31. This is 140 per cent above the profit forcast when the company floated. The directors are recommending a dividend of 6 per cent, or 3c per share. Extraordinary items of $36,000 were deducted from the result. The directors said there had been a change in accounting policy for the March, 1985, year, which ensured that no revaluation of any assets would be credited to the profit and loss account. The net profit after tax and after extraordinary items represented a return of 22.4 per cent a year on average shareholder funds, which increased from $3,426,000 to $4,282,000. The chairman of National Bloodstock, Mr David Phil-

lips, said the first full year’s profit was “extremely satisfactory” considering it was after distribution of shareholder benefits during the year. On October 26, 1984 all National Bloodstock shareholders received a 1:10 rights issue for shares in the company’s offshoot, Pacer Corporation, Ltd, now the subject of a takeover bid. These Pacer shares were sold to National Bloodstock shareholders at 85c per 50c share. A recent take-over offer by Euro-National Corporation, Ltd, has seen the 50c shares in Pacer rise to 335 c. This equated to an entry price into Euro-National of 96c, Mr Phillips said. As the four main shareholders in Pacer had accepted the Euro-National offer, Mr Phillips expects the take-over offer to become unconditional in the next two weeks.