Rainbow bonus
Rainbow Corporation, Ltd, is making a one-for-five bonus share issue, the chairman, Mr Allan Hawkins, announced. “Rainbow is trading ahead of budgeted forecasts,” he said. “This distribution recognised the company’s improves performance.” Rainbow is approaching its first full year as a Sublicly listed company and le profit announcement for the July 31 year is expected to “exceed substantially” the forecasts made in the prospectus. This was for an after-tax profit of $409,000. The company, in its initial eight months, topped the forecast with a 60 per cent higher tax-paid $335,058. The bonus shares will qualify for the maiden final dividend, expected to be paid in November. Rainbow shares and options, which carry bonus entitlement, will trade ex issue on July 24. First exercise of the options is on August 1, when the conversion ratio will be six ordinary shares for each five options.
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Press, 15 July 1985, Page 33
Word Count
145Rainbow bonus Press, 15 July 1985, Page 33
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