Jedi makes 1:10 bonus

Press, 25 July 1985, Page 22

Jedi makes 1:10 bonus

PA Auckland Jedi Corporation, Ltd, has announced a one-for-10 bonus issue. The chairman, Mr Allan Hawkins, who described the issue as “an additional reward,” told the company’s annual general meeting in Auckland that the bonus would also relate to the shares to be issued as part of the take-over offer for Yates Corporation. The issue will be made to shareholders on the register as at September 6.

Mr Hawkins said the company looked forward to 1985-86 with optimism and believed profit results for the current financial year would show “a significant increase.”

Jedi’s final result, announced on May 21, was a 675 per cent increase to $4,036,000 on the 1984 result of $521,000, made when the company was trading as Teltherm. Describing last year as “a big one,” Mr Hawkins said assets under management increased from $l3 million to $B3 million and shareholders’ funds, at $6 million on March 1984, were $34 million in March 1985. Since balance date the company had made two moves to take Jedi into a major involvement in agriculture and horticulture. It decided to increase its shareholding in Yates Corporation to 70 per cent and made a take-over offer of 36 Jedi shares for every 10

Yates shares. “Assuming our offer is successful — and with the support that has been forthcoming we’re confident it will be — our total investment in Yates will be $5B million,” said Mr Hawkins. Jedi also expanded the base in agriculture it established when it acquired Frank M. Winstone, Ltd, last year. “As recently announced, Jedi will become the largest single shareholder in A M Bisley by reason of the sale of Frank M Winstone operations to Bisleys.” Jedi will be represented on the board by its managing director, Mr John Tapper, and Mr Bill MacGowan, who is Bisley’s managing director.