Shareholders of Milton Corporation will get a fully franked special dividend of 37 cents a share once the investment house’s proposed merger with Washington H. Soul Pattinson is finalised next week.
Milton’s board confirmed yesterday the special payout would be made on October 5 and have a record date of September 22.
Soul Patts made a scrip-based offer back in June to acquire all Milton shares, and the deal will be considered at a second court meeting next week before being finalised. The
NSW Supreme Court hearing is set for September 20 and if the merger gets the final tick, Milton shares will be delisted the next day.
Milton shares closed 1.6% lower on Wednesday at $7.43, while Washington H. Soul Pattinson was down 1.2% to $39.30.
For Soul Patts, there is a nice little sweetener in the special payout.
It owns 3.2 Milton shares, so the payout will be $1.184 million. Nice if you can get it.