Angus issue

Press, 4 October 1985, Page 8

Angus issue

PA Wellington Angus Group, Ltd, will make a one-for-three cash Issue after declaring a profit of $1,332,000 for the year ended July 31. This compares with a profit of $444,000 (before extraordinaries), or $2,479,000 (after extraormnaries) for the previous 13-month period. Directors said any meaningful comparison between the two yean was possible. Angus, with construction interests, was previously listed as Scott Group, with timber and hardware interests. The 1985 result includes the construction activities acquired from Angus Corporation. The directors said all four subsidiaries had substantially exceeded the original projections. Turnover was $40.5M (SB.2M for 13 months). Tax took $1,132,000 ($283,000) and minorities took $38,000 (nil). There were no extraordinaries this year. The previous 13 month figures included $2,035,000 from the sale of subsidiaries. Final dividend will be 6.5 c, to be paid on November 22. The directors will be proposing a change in the company articles to allow shareholders to take bonus shares in lieu of dividends, starting next year. The rights Issue will be priced at 160 c (total payment). _ Augus Corporation and South Pacific Merchant Finance, holding between them 70 per cent of Angus Group, have indicated they will take up their entitlements.