Persimmon announces details of capital return plan

17th Mar 2014 12:01

Following its annual general meeting homebuilder Persimmon has confirmed that it will return approximately 214m pounds to shareholders, as per the announcement made on February 25th. The board has proposed repeating the arrangements made for its previous capital return plan, namely through a bonus issue of B and/or C shares. That allows shareholders to choose between receiving the payment either in the form of a 'return of capital' or as dividend income or any combination of the two.For every share held at 18:00 on June 4th, 70p will be returned through the issue of either one B share, which will in turn be redeemed by the company for 70p, or one C share.The latter will pay a dividend of 70p, after which it will be automatically reclassified as a deferred share, repurchased by the company and cancelled.As of 11:57 shares of the company were 4.1% higher at 1,367p. AB