Dividends2 Aug 2013 10:48
From the RNS on 20 June:
Payment of Dividend
As the Group approaches the end of its financial year the Board is confident
that trading for the year will meet its expectations and that cash generation
will exceed its expectations. The Board is therefore pleased to announce the
payment of a special dividend of 0.165 pence per ordinary share (£2.5m in
aggregate) which will be paid on Thursday 25 July 2013 to shareholders on the
register on Friday 12 July 2013.
As the refinancing that removed the majority of the Group's debt completed on
27 March 2013, the Group's results for the year ending 30 June 2013 will only
benefit from the associated interest cost reduction for approximately three
months of the current financial year. For this reason, under the terms of the
Executive Management Incentive Scheme, whilst management have been set an
operating profit target in respect of the year ended 30 June 2013 of £7.5m
(excluding exceptional costs) the corresponding dividend target is £2.5m. This
dividend target will be satisfied by the payment declared today.
The Board will make a decision in relation to the payment of a final dividend,
if any, in respect of the year ending 30 June 2013 at the time of the Company's
announcement of its results for the year ended on that date, which is expected
to be in September 2013. Thereafter the Board would expect to adopt a typical
dividend calendar.