Vent. Pac. plans bonus

Press, 13 May 1987, Page 42

Vent. Pac. plans bonus

Venture Pacific, Ltd, is proposing a one-for-10 bonus issue, after a 76 per cent increase in the net profit for the six months ended March. 31, $920,000. Extraordinaries of $39,000 took the bottom-line to $959,000, more than double . last year’s $461,000.

Tae directors also declared an interim dividend of 1.25 c a share (2.5 per cent). Turnover slipped 5 per cent to $1.5 million during the period.

This year’s income was mainly derived from in-

terest, share trading, and underwriting and management fees from an associated company. Directors expect income will continue to be derived from these sources pending the receipt of income from a number of the company’s longer-term investments. The company, unlike other New Zealand venture capital companies which advance loans and take moderate equity positions in ventures in which they invest, takes a substantial equity position in companies.

The good profit result has left the company well placed with liquid funds of more than $2O million to take advantage of future opportunities as they arise and to fund projects which are nearing development stage, directors said. Since the annual balance on September 30, the company has participated in the successful float of the New Zealand and Australian pharmaceutical company, Pharmol Pacific, Ltd. Venture Pacific has also completed the pur-

chase of a 25 per cent equity in an American company. Energy International Inc., which has a number of coal and gasbased technologies. A Pacific Rim joint venture has been agreed and possible projects are under investigation in New Zealand and Australia.

The company’s joint venture with CETEC Engineering Company Inc., of Vancouver, is progressing with a tender being made for The South island beech forest resource.