29 Feb 2000
Infrastructure & Utilities NZ Limited has declared a final dividend of 3 cents per share and a further special dividend of 2.25 cents per share, both fully imputed, for the financial year ending 31 March 2000. The dividends will be paid on 24 March 2000 to all shareholders on the register as at 5.00 p.m. 17 March 2000. Payment of the final dividend has been brought forward to ensure that those shareholders paying the maximum rates of taxation are not disadvantaged.
The payment of the special dividend reflects the Company's policy of passing through imputation credits to shareholders where possible and also reflects the financial results for the period, which are expected to be announced mid May. Directors expect the Net Profit After Tax for the year ended 31 March 2000 to be not less than $34M, including $22M of investment realisations, based on information available at this time.
The final ordinary and special dividend, together with the interim dividend paid on 10 December 1999, represent a total distribution for the year of 9.25 cents per share, fully imputed. The total dividends paid for the year ended 31 March 1999 was 8 cents per share, fully imputed.
INFRASTRUCTURE BONDS BUYBACK
The directors advise that the Company may, between 3 March 2000 and 3 March 2001, acquire on the market up to 5% of each of the Company's three series of Infrastructure Bonds on issue. In particular, the Company may acquire up to:
(i) 1,073,055 Infrastructure Bonds maturing 15 November 2003;
(ii) 2,356,142 Infrastructure Bonds maturing 31 March 2004; and
(iii) 1,315,702 Infrastructure Bonds maturing 15 November 2005.
In deciding whether to proceed with any purchase, the Company will have regard to its available financial resources from time to time and the merits of an individual repurchase.
The Company's role in the secondary market for the Infrastructure Bonds will be to assist efficiency and liquidity in its Bonds, should it be deemed appropriate. The directors are pleased with the level of support for the Bond Programme, with over $48M being raised in the 2003 and 2005 maturities over the last three months.
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