CIY 0.00% 3.6¢ city pacific limited

dividend deferred - again

  1. 10,373 Posts.
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    ASX release:

    The Board of City Pacific Limited has resolved to defer the interim dividend final instalment
    payment date. This is upon consideration of City Pacific’s funding requirements and
    objectives to reduce its corporate banking facility and protect shareholder value. The Board
    had previously anticipated making the interim dividend final instalment payment on 28
    November 2008.
    The Board will pay the 2008 interim dividend final instalment as soon as City Pacific is in the
    financial position to do so. In light of the current difficult operating environment the Board
    cannot be certain of the actual timing. The Board will advise shareholders of the revised
    timing when it is in a position to do so.
    This decision will allow City Pacific to apply all available funds received through the usual
    operations of the Company to reduce the corporate facility and to meet ongoing operational
    expenses. The Board has taken this action as part of its measures to strengthen the
    Company’s position in the current extremely difficult market environment.
    The dividend will consist of 12 cents per share to those shareholders who elected to receive
    the cash payment for the interim dividend.
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