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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.”

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