Bonus shares proposed
PA Wellington Fernz Corporation, Ltd, is to offer bonus shares in lieu of cash dividends, a move likely to be followed by other companies now that tax free dividends have been discontinued. Fernz directors said that they will call an extraordinary general meeting on September 24 at which shareholders will be asked to consider an amendment to the articles of
association of the company to allow shareholders to elect to receive bonus shares in lieu of cash dividends. Subject to approval by shareholders and by the Stock Exchange, it is proposed to implement the scheme in respect of the company’s financial year ended May 31, 1985, and bonus shares will be allotted or dividends paid following the annual general meeting on October 10. As previously reported, a
final dividend of 11c a share will be recommended.
If shareholders elect to receive bonus shares in lieu of dividends, the value of the bonus shares will be calculated at 90 per cent of the market price averaged over the five trading days immediately preceding a date 14 days before the closing of the share register.
The share register will close on October 2.
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Press, 30 August 1985, Page 8
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194Bonus shares proposed Press, 30 August 1985, Page 8
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