Northland Port to pay special dividend

The port company says the payment distributes some of the proceeds of asset rationalisation that it has undertaken in the past year.

Northland Port chairman, Mike Daniel, says the payment is the first of the distributions which were signaled in the middle of last year, and represent cash which is surplus to budgeted operational requirements.

"A further special dividend of 5 cents per share, fully imputed, is budgeted for December 2001, and will be confirmed by directors later in the year.

"Further distributions will be made as cashflow permits."

Mr Daniel says some cashflow restrictions will apply until completion of stage one of the new port development at Marsden Point, expected in April next year.

"The directors will review the matter on an ongoing basis and cash which is surplus to requirements will be returned to shareholders as soon as possible."

NTH shares responded positively to the special dividend, rising 10 cents to $1.75 on low turnover.

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