IT and engineering firm Invensys is returning to shareholders 625m pounds of the cash proceeds from its sale of its Rail business to Siemens.
The return will be made through a distribution of 76.7p per share.
Invensys also announced a share consolidation of four new shares for every five existing shares to maintain the market price for shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It will be subject to shareholder approval which will be sought at a general meeting next Monday.
The announcement comes a week after the group recommended a final dividend of 2.85p per share for the full-year to march 31st.
Shares fell 0.30% to 401.50p at 09:12 Tuesday.
RD
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
