PFI updates dividend reinvestment scheme
Feb. 7 (BusinessDesk) - Previous investors in Direct Property Fund, which is now merged with Property For Industry, are being offered the opportunity to reinvest their dividends in the PFI dividend reinvestment scheme, if and when its suspension is lifted.
The two property companies merged July last year, creating the fifth largest listed property group on the New Zealand share market and boosting its portfolio 66 percent to 83 properties.
Previous DPF shareholders, which make up 46.4 percent of the new company, can now apply to join the dividend reinvestment scheme rather than receive a cash pay-out. However, the PDI scheme has been suspended since the merger. Both companies had previously offered this option to shareholders.
Auckland-based PFI said its board will continue to assess whether to operate or suspend the dividend reinvestment scheme on a quarterly basis.
The company said it will post its earnings on Feb. 17. In December it forecast its net portfolio to gain 2.4 percent to $841.7 million.
Shares were unchanged at $1.265 and are down 1.9 percent this year.