Latitude 12 provides $600,000 Dividend Payment to East Arnhem Regional Council
Darwin, 24th August 2015: The Board of Latitude 12, at its Meeting held on 24th August 2015 in Darwin, unanimously approved a dividend payment of $600,000 to the East Arnhem Regional Council.
Since its inception in 2010, Latitude 12 has grown to support a range of functions for the Local Government, Territory Government, Indigenous Organisations and private enterprise including financial and payroll processing¸ management reporting and budgeting, records management, internal audit and risk consulting, workplace health and safety advisory as well as Strategic and operational Human resources.
Latitude 12 Chairman Adrian Collins announced at the meeting “The audited Financial Statements for the Year ended 30th June 2015, shows that over the past 5 years we have built up a substantial Net Equity for Latitude 12”.
He added, “The Dividend payment clearly demonstrates that the Investment by East Arnhem Regional Council has proved to be a sound commercial decision and that all the invested funds have been safeguarded. The dividend payout reflects an average Return on Investment of 27.4% per annum for each of its 5 years of investment”.
Council President Banambi Wunungmurra, in gratefully accepting the dividend cheque on behalf of East Arnhem Regional Council, stated, “Latitude 12 was born out of a vision to provide cost effective shared services and specialist knowledge to remote and regional Australia while at the same time generating additional revenue for community benefit.”
“The formation of Latitude 12 has nurtured and developed into a path that is not just about ‘Closing the Gap’ but rather ‘Opening the Door’ for the East Arnhem Regional Council and its Communities.”
Adrian Collins (Left), Latitude 12 Board Chairman, presenting the dividend cheque to Banambi Wunungmurra (Right), President & Nominee of East Arnhem Regional Council.
Also in the picture: Kelvin Spiller- Latitude 12 Board Director, Kaye Thurlow - Councillor East Arnhem Regional Council , Atma Maharaj - CEO of Latitude 12, Mavis Daganbarr - Councillor of East Arnhem Regional Council, John Japp – CEO of East Arnhem Regional Council, Gawura Wanambi – Deputy President East Arnhem Regional Council.
About Latitude 12
Based in Darwin, Northern Territory, Latitude 12 provides Managed Business Services to its clients. Services provided by Latitude 12 include Financial Processing and Reporting Services, Payroll processing, Internal Audit and Risk Consulting, Records Management and Archiving, Strategic and Operational Human Resources, Workplace Health and Safety Consultancy and Lean Six Sigma Training and Consulting.
Latitude 12 operates with a strong framework of equity, integrity and community and fosters these key values developed and championed by its employees, board members and shareholders.
For further information
Chief Executive Officer
(08) 8944 4664