Next treats investors to special dividend

Friday, 31 January 2014
Next has announced its intentions to treat investors with a special dividend as the British retailer´s shares are trading at a high level that requires returning cash in this form, rather than as buybacks.

Next, which announced on January 3 that it will pay a special dividend of 50 pence per share to shareholders on February 3, said in a statement Friday it will make a further special dividend payment of 50 pence on May 1 to those members on the company's register at the close of business on April 4.

The UK company explained the form of payment was due to a temporarily halt of its buybacks, as since October the stock has been trading above the level at which it said it would buy back shares.

The first special dividend was worth 75 million pounds in total, which equalled the cash it would have used for buybacks between October last year and this month, according to data.

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