(Alliance News) - Housebuilder Vistry Group PLC on Thursday confirmed plans for what it labels a bonus issue, a shareholder payout which will be made in place of its conventional second interim dividend.
The company in March postponed the planned 41.0 pence payout, in light of Covid-19, saving it GBP60 million.
Instead, and in recognition of the "value of dividends to shareholders", Vistry in May said it will pay the second interim dividend as a bonus share issue.
It would issue about 4.4 million shares at a value of GBP13.73, GBP60 million in total.
The payout needs shareholder approval, which Vistry hopes to obtain at a general meeting on July 14.
Vistry shares were 0.9% lower at 765.00p each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Vistry Grp (VTY)