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Vistry Group PLC (VTY)

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Friday 15 May, 2020

Vistry Group PLC

COVID-19 / Dividend Update

RNS Number : 0740N
Vistry Group PLC
15 May 2020
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

15 May 2020

Vistry Group PLC - COVID-19 / Dividend Update

("Vistry", "Group" or the "Company")

On 25 March 2020, the Group provided an update on COVID-19 and the measures it is taking to mitigate the impact on its business.

As part of this update, the Company announced that one of the measures the Group was taking to maintain a robust balance sheet, was to postpone the second interim dividend payment of 41.0 pence per ordinary share totalling £60 million, intended to be paid on 29 May 2020 to shareholders on the register as at 6.00 p.m. on 27 December 2019 (the "Second Interim Dividend").  

The Board recognises the value of dividends to shareholders and in light of the evolving impact of the COVID-19 pandemic, rather than pay the Second Interim Dividend of £60 million in cash, the Company intends to return value by way of a bonus issue (the "Bonus Issue") to shareholders on the Company's register of members as at 6.00 p.m. on 27 December 2019 and the ex-dividend date of 8.00 a.m. on 24 December 2019 will remain unchanged. The Bonus Issue would equate to 4,369,992 ordinary shares of £0.50 each in the capital of the Company (in aggregate) valued at £60 million based on a share price of £13.73, being the closing share price of the Company on 27 December 2019. The Bonus Issue will be subject to shareholder approval.

Further details regarding the Bonus Issue, which is subject to standard regulatory approvals, and the related dividend timetable will be set out in a circular that will be posted to shareholders and announced in due course.

 


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