Merged GenProp group succeeds

Press, 5 August 1985, Page 33

Merged GenProp group succeeds

PA Wellington General Properties Corporation, Ltd, has reported that the merged group is performing to budget and that the forecast result of $3,500,000 for the year ended October 31 should be achieved. This profit would include net tax-paid operating profit, estimated assets revaluations and realised capital profits. The directors also announced a further interim dividend of 5c a share (10 per cent), payable from tax-free source. Books close on August 23, with shares going ex dividend on August 21. General Properties also announced that it has allotted 212,612 shares credited as fully paid, and granted 106,306 options to subscribe for shares to Wenrich Investments, Ltd. The allotment and grant of options was made as part of the consideration for wenrich transferring shares in five subsidiary companies to General Properties. The subsidiaries transferred own the properties that comprised the property por-

folio of Wenrich when it was named General Properties Consolidated Ltd. As requested by the New Zealand Stock Exchange, General Properties Corporation directors reported interim results for General Properties Corporation, Ltd, for the seven months ended April 30. These results, for the then Northgate Properties, Ltd, and its subsidiaries show that the issued capital at April 30 was $5,201,700 in ordinary 50c shares. The unaudited group profit was $486,000; income tax $145,000; and profit after tax $341,000 No property revaluations have been brought into account for this period, nor has any provision been made for writing off preliminary expenses. As the company began trading in April, 1984, no comparative results are available.