Friday 26th March 2010 |
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Guinness Peat Group, the investment company chaired by Ron Brierley, has announced its scrip dividend alternative, though there’s still no word on how it will go about rebuilding shareholder value.
GPG shareholders can forgo their 1 pence a share cash dividend in favour of a 1-for-35 share issue, the London-based company said in a statement to the NZX today. That’s a smaller potential issue than last year’s 1-for-25 offer, though still larger than the 1-for-60 and 1-for-80 in 2007 and 2006 respectively.
Investors are waiting to hear the company’s plan to return value after Brierley said it was the company’s top priority for the next two months. A detailed announcement is expected before the annual meeting on May 7.
The shares sank 1.2% to 85 cents on the NZX today.
Earlier this month, the company reported a net loss of 38 million pounds, or 2.25 pence a share, for the 12 months ended December 31, compared to a loss of 50 million pounds, or 3.24 pence, in 2008.
Businesswire.co.nz
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