4 February 2013 – special dividend
The company has announced that it has declared a special dividend of 3p per share. The ex-dividend date will be 13 February. Although the prospect of a special dividend was one of the key reasons for us tipping the shares, this is a relatively modest payment given that it only represents £11m when net cash was £70m as at the end of October. The shares have had a strong run over the past six months and stand at double the 2012 low of 34p. There are better opportunities elsewhere. SELL.