Announcement
CORPACT: ARV: Arvida Announces First Quarter Dividend
05:26pm
ARV
31/08/2020 17:26
CORPACT
NOT PRICE SENSITIVE
REL: 1726 HRS Arvida Group Limited
CORPACT: ARV: Arvida Announces First Quarter Dividend
Arvida Group Limited (NZX:ARV) has announced its first quarter cash dividend
for the 2021 financial year of 1.20 cents per share. There are no imputation
credits attached to the dividend and no supplementary dividend is payable to
offshore investors.
The Board has set the level of the first quarter dividend based on the
expected earnings for the first half of the financial year. The first half
includes a period of significant disruption to business operations and sales
activities as a result of the initial lockdown that occurred in April and
May.
During this period, to ensure the continued safe operation of the business,
$5m of additional operating costs were incurred. These were partially offset
by $2m of Government subsidies. Resident and staff safety was the primary
focus, with a concerted, and successful, effort to keep our retirement
communities free of Covid-19 infections.
The business saw a rebound in sales and settlements following the initial
lockdown. The level of applications in June to August 2020 were in-line with
the level of applications made in the prior corresponding period. The number
of resale settlements in July and August 2020 were the same as the monthly
average from the prior financial year. Operating costs also substantially
returned to normalised levels during this period.
In February 2021, the Board will review the level of dividends payable in
respect of the second half of the 2021 financial year, when there will be
more clarity on the full year trading performance. Arvida's dividend policy
is to distribute between 50% and 70% of underlying profit per annum.
The record date for the dividend is 8 September 2020 and the payment date is
16 September 2020.
- ENDS -
End CA:00358998 For:ARV Type:CORPACT Time:2020-08-31 17:26:00
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