Pacific Invest has big rise

Press, 7 October 1987, Page 39

Pacific Invest has big rise

PA Wellington Pacific Investment Fund, Ltd, has reported a dramatic increase in both profit and fund size in its annual report. The directors have recommended the issue of two shares for each existing share following the annual meeting to be held later this month.

In April, 1986, two changes occurred which have improved the fund’s performance. Clayton Robard International, Ltd, were appointed as investment consultants to the fund. At their recommendation the investment markets were widened to include Canada, England, Hong Kong,

Singapore and continental Europe in addition to Australia, U.S., and Japan. Clayton Robard have used this widened investment area to advantage and have produced a return which compares favourably. with competitive funds. The second change which was made was the appointment of Chevron International Investment Services, Ltd, as New Zealand marketing agent. Stated capital increased from $Au5t6,293,741 to $22,466,948. The total value of the fund increased from $7,427,036 to $29,782,655. The net surplus for the year was $6,182,142 (previous year $988,966). No dividend has been recommended. But to maintain the value of shares at a lower unit level, the directors have recommended that on November 30, 1987, all existing shares on issue be cancelled and be replaced by the issue of two fully paid shares of no par value for each share held previously. To accommodate this share split the directors propose the authorised share capital of the company be doubled to 100,000,000 shares.