WPG Resources outlines fully franked dividend and return of capital

WPG Resources (ASX: WPG) has announced a maiden fully franked dividend of $0.63 per share, which is part of a reduction in capital approved by shareholders at a general meeting yesterday.

The reduction in capital is to give effect to a return of capital of $0.42 per share. This amount is separate to the dividend.

Payment of both the return of capital and dividend are conditional upon completion of the sale of iron ore assets by WPG Resources to OneSteel Iron Ore Holdings Pty Limited and the receipt of funds, which is anticipated to occur on October 2011.

If the sale of assets is successfully completed and funds are received by WPG Resources, the record date for determining an entitlement to the dividend and return of capital is 14 October 2011, with ex-dividend and ex-return of capital trading commencing on 10 October 2011.

WPG Resources then anticipates that the payment of the dividend and return of capital will occur on 2 November 2011.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20403/wpg-resources-outlines-fully-franked-dividend-and-return-of-capital-20403.html