GRACE, KENNEDY & Company Limited will make an interim dividend payment on May 21, 2004 of $129 million, which represents 40 cents per stock unit, based on the existing share capital of 323 million shares. Notice was served that the Company's Register of Members will be closed from the close of business on April 30, 2004 to May 7, 2004.
This was disclosed by the company's Chief Financial Officer, Don Wehby, following a Board of Directors meeting held on March 25, 2004. The payment to be made in May 2004 represents an increase of 33 per cent when compared to the $97 million paid in May 2003.
This, according to Mr. Wehby, is consistent with the company's Dividend Policy, which is to distribute at least 10 per cent of net profit attributable to stockholders, as well as maintain a total dividend pay out which is at least as high in dollar terms as it was the previous year.
The total dividend payment for 2003 was $210 million, or 65 cents per share, up 26 per cent when compared to the 2002 payment of $167 million.
Mr. Wehby noted that the company's consistent growth and profitability has been reflected in the share price of the stock. A shareholder whose stock was priced at $38.00 per share at the beginning of 2003 would have enjoyed a 42 per cent increase in share value for the year, with the stock closing at $53.95 per share on December 31, 2003.
The company's stock is currently trading at $89.50 (March 24, 2004), which represents an increase of 66 per cent over the year-end price.
