Owens looks to profit of $7M

Press, 12 August 1985, Page 35

Owens looks to profit of $7M

PA Wellington Owens Investments, Ltd, expects to increase its net profit to more than $7,000,000 this year from $5,299,000 for the year to March 31, according to the annual report. Owens Investments, a public company resulting from the re-structuring of private company Owens Group, Ltd, is to list on the Stock Exchange on Monday. The chairman, Mr Bob Owens, and a director, Mr Donald Shelton, say in the annual report that the company' intended to maximise its growth by having a high ratio of retained profits to dividends.

Apart from a special dividend paid in March, the company had traditionally paid only an interim dividend in the period from May to July. At this stage it was proposed to continue this policy, with the next interim

dividend being 50 per cent (5c a share) next July. “The company’s philosophy in respect of growth is* to enhance its shareholders’ investment and in this respect the company is equally concerned to judge its performance by the increment in shareholders’ funds over the year as well as by profit growth,” the directors say. “The company believes that funds should be sought from shareholders only when there is an opportunity to enhance the over-all rate of return for shareholders.” Owens Investments is making a three-for-20 rights issue of its 10c shares at a premium of 140 c. The annual report says the issue will increase the authorised capital by 3.6 million 10c shares to 27.6 million ordinary shares and raise $5.4 million in cash for the company.