Sharechat Logo

Ballance share value increased


Wednesday 25th September 2002

Text too small?
Shareholders in fertiliser manufacturer Ballance Agri-Nutrients have unanimously approved an increase in the co-operative's share value from $5.70 to $6.00.

The move was approved at the company's annual meeting in Taupo yesterday.

Chief executive Larry Bilodeau said the increase was founded on two solid years of good results and follows a previous increase from $5.50 to $5.70 in 1997, and a bonus share issue in 1999.

"The very essence of a co-operative is to reward shareholders for their active participation in the company and with solid support from them on the trading side, we have strengthened the capital base which has allowed the revaluation."

Good farming conditions helped Ballance post a $50.4 million operating profit for the year to May, up 17 percent on last year.

Shareholders received a rebate on purchases averaging $18.03 per tonne of fertiliser over the year, and a fully tax imputed dividend of 12 cents per share.

Mr Bilodeau admitted it would be a challenge to repeat that performance with falling farm returns in the coming year.

Two directors who stood for re-election, Frank Peacocke from Waikato and Owen Buckingham from Southland, were returned unopposed.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Fonterra resignation spooks Shareholders' Council
State power profits below budget
Free flights cost more
Fonterra merges rural companies
Quality mark for juice industry
NZ business in credit rating tailspin
Government rejects power profiteering accusations
'People's Bank' to rate with the big boys
Sovereign fattens ASB's bottom line