The Warehouse Group is to pay a special dividend of 35c a share. The group said today the decision resulted from a review of its capital structure following the sale of its Australian subsidiary, various property assets and the recent sale of the group's interest in the The Base at Te Rapa, Hamilton.
The group would consider undertaking further capital management initiatives in the 2008 calendar year. An ordinary dividend of 5.5cps would also be paid, with both dividend payments to be fully imputed.
The dividend had been declared ahead of the company's annual result announcement next Friday in order to maximise the benefit to shareholders, particularly those institutional shareholders joining the Portfolio Investment Entity (PIE) regime, The Warehouse said.
Shares in The Warehouse closed at $5.74 yesterday, having ranged between $7.32 and $4.95 in the past year.
