(Alliance News) - Pinewood Technologies Group PLC on Friday confirmed a plan to issue a special dividend to shareholders, following the sale of its UK motor and leasing business.
Pinewood will return GBP358 million to shareholders through a special dividend of 24.5 pence per share, as it pledged to last year.
In February, it said it completed the disposal of the motor and leasing unit for GBP367 million to Lithia Motors Inc, alongside a GBP30 million subscription, marking the beginning of its transformation from Pendragon to Pinewood Technologies, a software-as-a-service pure-play.
A general meeting on April 22 will include a motion to approve the dividend.
Pinewood shares were up 0.2% to 38.97 each in London on Friday morning.
By Elijah Dale, Alliance News reporter
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