LTC.L Regulatory News (LTC)

13 Nov 2006 12:38

Latchways PLC13 November 2006 Further to the Interim Results announcement released at 7am this morning underRNS number 9423L, the following correction has been made. The special dividendof 30 pence per Ordinary Share will be payable on 12th January 2007 toshareholders on the register as at 15th December 2006, and not on 11th January2007 to shareholders on the register as at 14th December 2006 as previouslystated. The rest of the information remains the same. Below is the full section onDividends to reflect this correction. Dividends Latchways has established a strongly cash-generative business which has enabledus to grow our profits as well as generate significant amounts of cash. For thepast five years we have consistently achieved an excellent rate of conversion ofoperating profits to cash. This has enabled us to raise the dividend at aprudent but progressive rate. At the end of the last financial year, weconcluded that the business could sustain a higher level of dividend, andtherefore substantially increased the final dividend. Further to this, the boardhas declared an interim dividend of 5.92 pence (2005: 3.85 pence), a 54%increase on the 2005 interim dividend. It is anticipated that, henceforth, theinterim dividend will represent approximately one-third of the total for theyear. The interim dividend will be payable on 2nd March 2007 to shareholders onthe register as at 2nd February 2007. Furthermore, the board has reviewed its current and medium term cashrequirements. As described above, the business is cash generative which hasenabled us to pay down debt and build cash. Prospects for organic growth acrossour business are strong. This organic growth is self financing, whilst smallacquisitions can be funded without needing to revert to shareholders. As aresult, the board has concluded that a prudent return of cash to shareholders isappropriate at this time. After considering different options, the board hasdecided that this should be in the form of a special dividend of 30 pence perOrdinary Share, thus returning £3.34 million to shareholders. This dividend willbe payable on 12th January 2007 to shareholders on the register as at 15thDecember 2006. In accordance with IAS 10, these dividends are not reflected in these interimaccounts. For any further enquiries please contact: Threadneedle Communications Tel: 020 7936 9605Graham Herring This information is provided by RNS The company news service from the London Stock Exchange