CITY Pacific said yesterday shareholders have enthusiastically participated in the company's dividend reinvestment plan.
Managing director Phil Sullivan said shareholders have taken up options to reinvest their interim dividend in the company’s dividend reinvestment plan.
“Participation in the DRP reached 45% with nearly half of the shareholders including all directors electing to reinvest their interim dividend in the company.
“The DRP will take effect on April 30, 2008. Shares issued under the DRP for the interim dividend will be inclusive of the 2% discount offered and will be issued at $1.07,” he added.
Last week, Sullivan announced that a delayed settlement of several transactions has forced City Pacific to amend its interim dividend by implementing a staggered payment.
The 15 cent dividend will now be paid in five equal monthly instalments of 3 cents commencing May 30.
City Pacific shares closed 5.5 cents or 5.47% lower at 95 cents yesterday.
Australian Property Journal
