Special Dividend

RNS Number : 9464T

Andrews Sykes Group PLC

24 July 2020

 

24 July 2020

Andrews Sykes Group PLC

("Andrews Sykes" or the "Company")

Special Dividend

The board of Andrews Sykes (the "Board") is pleased to announce that it has approved the payment of a special interim dividend of approximately £10 million or 23.7 pence per Ordinary Share (the "Special Dividend").

As at 22 July 2020, the Company had net cash reserves* of approximately £29.9 million. The Board has assessed the Company's ongoing cash requirements under a range of forecast scenarios and has concluded that, as a result of the Company's expected robust cash generation, a portion of these cash reserves is surplus to the Company's requirements. The Board has, therefore, decided to return such surplus capital to Andrews Sykes shareholders by way of the Special Dividend.

The Company intends to pay the Special Dividend on 28 August 2020 to Andrews Sykes shareholders on the register on 7 August 2020. The Ordinary Shares will be marked ex dividend on 6 August 2020. The Special Dividend will be funded from the Company's existing cash balances.

* defined as cash at bank less bank loans before IFRS 16 right-of-use lease obligations

Enquiries:

Andrews Sykes Group plc	[phone]
Paul Wood
GCA Altium Limited (Nominated Adviser)	[phone]
Tim Richardson

 

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