Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Sky TV to pay $124.5M special div to distribute tax credits

Sky TV makes $124.5 mln special dividend to distribute tax credits

Nov. 29 (BusinessDesk) - 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 32 cents per share with a record date on Dec. 13 and payment on Dec. 19, it said in a statement. Last year Sky TV paid a special dividend of 25 cents 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 yesterday, spokeswoman Kirsty Way told BusinessDesk.

The shares were unchanged at $5.07 yesterday, and have slipped 4.3 percent this year. 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 31.78 cents per share, in the 12 months ended June 30, and paid a dividend of 22 cents in the 2012 financial year. As at June 30, the company had cash and equivalents of $27.9 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


New Bill Introduced: GST On Online Services

These measures are an important first step in the Government’s efforts to deal with increasing volumes of online services and other intangibles purchased from overseas suppliers that should, under New Zealand’s tax rules, be subject to GST. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news