21st Jan 2014 11:18
LONDON (Alliance News) - New River Retail Ltd Tuesday said it intends to raise GBP75 million by placing 28.3 million new shares at 265 pence each, and will use the funds to grow the business.
In a statement, the real estate investment trust, said it already has firm commitments from some institutional investors for placing shares worth more than GBP50 million.
It added that it will pay a special dividend of 10 pence a share so that the total dividend for the financial year ending March 31 isn't diluted by the placing. It doesn't expect to pay a final dividend for the year, meaning that it will have paid a total dividend of 16 pence a share including the special payment.
"With effect from the financial year commencing 1 April 2014, the board intends that the company should pay dividends quarterly in order to distribute income generated by the company to investors on a more timely basis. It is anticipated that the first such quarterly dividend would be paid in October 2014," it said in a statement.
"There are a number of attractive asset opportunities available to the company and we are confident of deploying the new funds efficiently to drive long-term shareholder value," Chief Executive David Lockhart said in a statement.
New River Retail shares were down 1.4% at 290.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
NewRiver