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  • SKT4.55

    $0.010.22%

  • Open 4.54 High 4.55 Low 4.5 Bid Price 4.51

    Offer Price 4.55 Value 2997450.56 Volume 661585

Current as of 08/02/16 07:39PM NZST

Dividend for Sky investors

Sky Sport Television Olympic Games London 2012 mosaic. Photo / Supplied
Sky Sport Television Olympic Games London 2012 mosaic. Photo / Supplied

Sky Network Television, whose long-standing cornerstone shareholder Todd Communications exited this month, will pay a $124.5 million special dividend to shareholders to share its tax credits with investors.

The Auckland-based company will make a special dividend of 32c per share with a record date on December 13 and payment on December 19, it said in a statement.

Last year Sky TV paid a special dividend of 25c per share.

The payment was being made after the company was left with $44 million in tax credits having settled its tax bill of $16 million on Wednesday, said spokeswoman Kirsty Way.

Shares in the company closed up 15c yesterday at $5.23.

The stock is rated an average 'hold' based on 10 analyst recommendations compiled by Reuters with a median target price of $5.30.

Sky TV made a profit of $123.7 million, or 31.78c per share, in the 12 months ended June 30, and paid a dividend of 22c in the 2012 financial year.

- BusinessDesk

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