Gold Road Resources to pay 44 cent special dividend
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The news: Gold Road Resources has announced a fully franked special dividend of 43.69 cents per share as part of the deal to be acquired by Gruyere Holdings, a subsidiary of Johannesburg-based Gold Fields.
The numbers: Under the scheme of arrangement, the 43.69 cent special dividend received by shareholders will lower the fixed cash consideration component they will receive at the completion of the deal.
The total cash consideration that Gold Road shareholders receive will be $2.52, inclusive of the special dividend.
The special dividend will enable eligible Gold Road shareholders to benefit from franking credits of up to 18.73 cents per Gold Road share.
The context: The scheme is expected to take legal effect on 26 September, the last day that Gold Road shares trade.
Gold Road shareholders on the register on 1 October will receive the special dividend, while those on the register on 6 October will receive the scheme consideration.
The special dividend will be paid on 9 October before the scheme consideration is paid and Gold Road shares are transferred to Gruyere Holdings on 13 October.
The source: ASX
