Ballance share value increased

Shareholders in fertiliser manufacturer Ballance Agri-Nutrients have unanimously approved an increase in the co-operative's share value from $5.70 to $6.

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 per cent 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.

- NZPA