Greencore U-turn on dividend to return £509m
Greencore will use a share tender offer to return up to £509m (€571.4m) to shareholders, reversing a decision to use a special dividend that had been criticised by many investors.
The company is returning capital following the recent sale of its US business.
The special dividend had come under fire for not being tax efficient for shareholders. Greencore reported full-year results yesterday. Revenue from continuing operations was up 4.2pc on a reported basis at £1.49bn (€1.67bn). Adjusted operating profit rose 3.7pc to £110.6m (€124.1m).