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

 

Ballance Share Value Increased


Ballance Share Value Increased

Ballance Agri-Nutrients shareholders today unanimously approved an increase in the co-operative’s share value from $5.70 to $6.00 at its Annual General Meeting in Taupo.

Chief executive Larry Bilodeau said the increase was founded on two solid years of good results for the company 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.”

Chairman Peter Jensen said the meeting was well attended with the two directors who stood for re-election, Frank Peacocke from Waikato and Owen Buckingham from Southland, re-elected unopposed.

Ballance reported a $50.4 million Group Operating Surplus for the year to 31 May, up 17% on last year. Good farming conditions throughout the year, plus production and transport efficiencies were attributed as the major reasons behind the record result.

Distributions to shareholders averaged $23.40 per tonne cash for fully paid up shareholders, also an increase of 17% over last year, made up of a rebate on purchases averaging $18.03 per tonne of fertiliser purchased over the year and a fully tax imputed dividend of 12 cents per share making a total of $23.4 million distributed to shareholders.

Mr Bilodeau said that with falling farm returns forcast for the coming year, “it will be a challenge to match this year’s performance. However, shareholders can be assured that Ballance will be playing its part in continuing to grow returns for our shareholders and helping maintain New Zealand’s position as a global agricultural leader.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: