BYCROFT, LTD

Sun (Auckland), Volume III, Issue 657, 8 May 1929, Page 10

BYCROFT, LTD

BONUS SHARE ISSUE A net profit of £10,554 is shown in the annual report and balance-sheet of Bycroft, Ltd., to be presented to the annual meeting of shareholders scheduled for May 15. In addition to the usual dividend of 8 per cent., the directors recommended that the unallotted balance of 9,250 shares in the capital account be now issued paid up to £l, by transferring £9,250 from the appropriation account, and that a bonus of shares be allotted to each shareholder in the proportion of one share for each 10 now held. The directors state that ample provision has been made for depreciation of buildings, machinery plant and motors, equal to £3,199. while all these assets have been maintained in a state of high efficiency. Income tax on the year’s profit is included in the sundry creditors’ account. Mr. G. R. Hutchinson is the retiring director, and he has been nominated, for a further term. Following is a comparison of the company’s results and appropriation for the last three years:—

The previous distribution of bonus shares was made in 1926, when £8,250 was transferred from the appropriation to the capital account, increasing the capital to £90,750. With the present capitalisation, the capital will be £IOO,OOO, in addition to which the company has a reserve of £20,321.

1927 1928. 1929. Brought forward £ 1,712 £3,470 £6,496 Net profit .. .. 9,018 10,286 10,554 £ 10,730 £13,75(1 £17,050 Dividend, 8 p.c. 7,260 7,260 7,260 To capital . . — 9,250 Carried forward £3,470 £6,496 £540