Slough Estates - Payment Of Foreign Income Dividends

Date: 04 Aug 1998

The Board of Slough Estates plc (Slough) has elected to pay an interim ordinary dividend of 4.125p per share on 1 September 1998 as a foreign income dividend (FID), compared to the 1997 first interim dividend of 3.4p per share. Also, the dividend of 4.125p per share being paid on the preference shares on the same date is to be paid as a FID. Slough is due to announce its results for the six months to 30 June 1998 on 3 September.

The ordinary dividend is being paid at the some time and at the same rate as the preference dividend so as to comply with the. legislative conditions for FTDS. This level of increase should not be taken as an indication of Slough's final 1998 results. The final ordinary dividend to be paid in May 1999 will be decided in the light of the results for 1998.

The Slough Board believes that it is in the best interests of the Company and shareholders as a whole for these dividends to be paid as FIDS. The payment of the FIDS in September will allow the recovery of some £5.5 million of Advance Corporation Tax that would otherwise have been written off, thereby improving Group cash flow and 1998 earnings, and consequently enhancing shareholder value.

The timetable of events for the payment of these dividends will be as follows:

• Record date for ordinary interim and performance dividends 14 August 1998
• Payment date for ordinary interim and preference dividends 1 September 1998
• Announcement of 1998 interim results 3 September 1998

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news