Last checked at 5 Jun 2013 07:00
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5 June 2013
MoneySupermarket.com Group PLC
Special interim dividend of £70m and trading update
MoneySupermarket.com Group PLC ("MoneySupermarket", the "Company" or the "Group") today announces that having reviewed the performance of the Group and the cash required by the business, the Board has concluded that it is appropriate to pay a special interim dividend of 12.92p per ordinary share to be paid on 26 July 2013. The special interim dividend is being used to return funds to shareholders and reflects the Board's confidence in the ability of the business to generate cash on an on-going basis.
Group performance remains in line with the Board's expectations and Group revenues for the year to date are in excess of 10% up on the same period last year.
The special interim dividend is being funded out of cash balances and a bank facility, which is available for general corporate purposes. Further information regarding the bank facility is set out below.
The ex-dividend date for the special interim dividend is 12 June 2013, with a record date of 14 June 2013 and a payment date of 26 July 2013. Shareholders will have the opportunity to elect to reinvest their cash dividend and purchase existing shares in the Company through a Dividend Reinvestment Plan.
Separately, the Company notes that Simon Nixon has today announced his intention to offer for sale up to 80,000,000 existing ordinary 0.02 pence shares of MoneySupermarket, representing up to approximately 14.8% of the issued share capital of the Company. Please refer to the separate announcement for further details.
Gerald Corbett, Chairman of MoneySupermarket, said:
"The Board remains committed to a progressive dividend policy in line with the investment and capital needs of the business. The placing by Simon Nixon will increase liquidity and help normalise the Company's shareholding structure. Simon remains a major shareholder and will continue to play a key role on the Board as the Non-Executive Deputy Chairman."
For further information, please contact:
MoneySupermarket.com Group PLC
Tel: +44 (0)1244 665 700
Paul Doughty, Chief Financial Officer
Maitland
Tel: +44 (0)20 7379 5151
William Clutterbuck
Important additional information
The trading information in this announcement is unaudited and is based on management information.
On 5 June 2013 the terms of the bank facility referred to in the circular of the Company dated 8 June 2012 were amended. The terms of the amended bank facility are, in all material respects, as set out in respect of the bank facility in the circular, save that, in summary, (i) the facility limit has been increased from £20m to £70m (subject to mandatory reduction in the amount of the facility by £10 million on each of 31 May 2014 and 31 May 2015); (ii) the facility will be available for draw-down up to the date falling 3 months prior to 30 September 2016 and may be used for the purpose of paying the special interim dividend, (iii) the arrangement fee is £625,000; and (iv) each financial covenant will be tested each quarter.
This announcement does not constitute, or form part of an offer or invitation to subscribe for, purchase or otherwise acquire, or any solicitation of any offer to subscribe for, purchase or otherwise acquire any ordinary shares or any other securities of the Company in any jurisdiction.
This announcement is not an offer of securities for sale in or into the United States. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of securities is being made in the United States or elsewhere.