Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZSE Unlisted Securities Market: Code WIP

Widespread Portfolios Limited

NZSE Unlisted Securities Market: Code WIP

Final Result for the 12 months ended 31 March 2001

The directors of Widespread Portfolios Limited are pleased to announce that the company achieved a net tax paid profit for the year of $127,000 (last year $1,268,000). Unrealised gains at year end were $598,000 (last year; $558,000).

Net assets at year end (after allowing for tax on unrealised gains) were $2.97 million or 48 cents a share (last year; $2.121 million, 54.6 cents a share)

Clearly the reduced profit this year reflected the cyclical nature of share investing - it is often quite difficult to follow one bumper "harvest" with another and this proved to be the case despite our expectations of another outstanding result earlier in the year.

The reduction in net assets per share during the year was caused by share price falls in several of our larger holdings, and to a lesser extent the dilutionary effect of share placements and the two major issues (the 1:4 rights issue at 25 cents and the public offer at 50 cents) as well as costs associated with these issues.

Net income from sharetrading totalled $365,000 from the sale of fifteen investments including a profit of $189,000 on our Telemedia Networks shareholding.

At balance date the major investments held included Asian Mineral Resources (26.7% of the portfolio), Broadway Industries (7% of the portfolio), IT Capital (19.5%), Olympus Pacific Minerals (16.1%) and Zedex Limited (24.7%).

As at the date of this announcement Widespread's net assets at market value (net of tax) were $2.9 million (45.2 cents a share). Despite the reduction since March 31 in the market value of our major holdings we are confident in their intrinsic value and their present market status, while mildly disappointing short term, isn't really relevant to their longer term strategic value.

On a positive note our longstanding shareholding in Broadway Industries was recently sold on favourable terms. While we considered the value within Broadway justified a higher price in the longer term, the relative upside of other opportunities made it a very easy decision to move on.

Dividend & Annual General Meeting

The directors do not propose to recommend a dividend in respect of the period under review. The Annual General Meeting will be held in Wellington on Sunday 26 August, 2001

For and on behalf of the Board,

Linda J Sanders Chris D Castle

Chairman Director

Wellington, 4 July 2001


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech