2nd Feb 2023 09:59
(Alliance News) - Essentra PLC on Thursday said it will press on with plans to return GBP150 million to shareholders following the disposals of its Filters and Packaging divisions.
Essentra shares were 5.3% higher at 230.50 pence each in London on Thursday morning.
The return will be done through a combination of a special dividend and a share buyback programme.
Essentra will return GBP90 million, around 29.8 pence per share, through the special payout. This will occur on April 27.
It also will kick off a GBP60 million buyback following the release of its annual results on March 22.
Essentra in December said it completed the sale of its filters arm. It sold Essentra Filter Holdings Ltd to a subsidiary of Centaury Management Ltd. The GBP200 million deal was first announced in October.
Back in June, the company said it had sold its Packaging arm to Mayr-Melnhof Group for GBP312 million. This sale was completed at the end of September.
By Eric Cunha, Alliance News news editor
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