INL declares special dividend

WELLINGTON - Independent Newspapers Ltd yesterday joined the list of companies declaring a special dividend in lieu of a final dividend before the April 1 tax law changes.

INL declared a special dividend of 8.5c a share on top of its 7c interim dividend declared last month. Both dividends are fully imputed and are payable on March 31.

They will be paid on shares outstanding after the previously announced 2-for-1 share split.

The combined interim and special dividends equate to a total dividend of 46.5c for each share held before the split. That compares with 24c paid in the previous year.

INL said it wanted to make use of imputation credits it held before the change in tax rates.

- NZPA