In the interim results for the six months ended 30 September 2020, the board of Braveheart (the “Board”) announced that it had declared the payment of a special interim dividend of 42.75 pence per Ordinary Share (the “Special Dividend”) which with the current issued share capital of the Company being 36,252,748 equates to a total dividend of approximately £15.5 million.
As at 30 November 2020, the Company and its subsidiaries (the “Group”) had net cash reserves of approximately £18.15 million. The Board has assessed the Group’s ongoing working capital and investment cash requirements under a range of forecast scenarios and has concluded that a substantial portion of these cash reserves is surplus to the Group’s requirements.
The Board has, therefore, decided to return such surplus capital to Braveheart shareholders by way of the Special Dividend.
The Company intends to pay the Special Dividend on 6 January 2021 to Braveheart shareholders on the register on 11 December 2020. The Ordinary Shares will be marked ex-dividend on 10 December 2020. The Special Dividend will be funded from the Company’s existing cash balances.
The Company will be filing at Companies House interim accounts for the period ending 30 November 2020 in accordance with the Companies Act 2006 requirements.
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