Euro-Nat has world plans

Press, 24 June 1986, Page 22

Euro-Nat has world plans

PA Auckland Euro-National Corporation, Ltd, plans to invest $3O million to $4O million throughout New Zealand and Australia in the present financial year, and is keen to acquire a public listing in Britain.

In the Auckland-based investor and merchant banker’s first annual report, the managing director, Mr R. M. Petricevic, said the next 12 months would be a period primarily of consolidation of existing and newly-acquired assets.

New Zealand’s deregulated economy provided the springboard from which to launch the company world wide, he said.

Euro-National earned a net $2,914,000 in the inaugural eight-month period ended March 31. The result was achieved on an issued capital of $5,112,500, which, on an annualised basis, gave earnings per share of 43c. Capital on issue had since been increased to 57.5 M

through the issue of shares to acquire Visionhire Holdings, Ltd.

The consolidated balance sheet showed shareholders’ funds of $20,884,000. Once the Visionhire acquisition is complete, they will stand at S32M. Total assets were $64,505,000, including fixed assets $21,026,000, investments $3,338,000, securities and receivables $24,936,000, current assets $3,633,000 and intangible assets $11,572,000.

Total liabilities of $43,621,000 included minority interest (Visionhire) $3,664,000, deferred tax $5,662,000, borrowings $28,743,000 and current liabilities $5,552,000. The directors recommended a maiden final dividend of 7.5 c a share, which would absorb $784,650 if taken fully in a cash'payment.

Shareholders were being offered a dividend re-invest-ment plan entitling shareholders to invest a dividend due into new shares in the company at 70 per cent of the market price.