port bouvard-big dividend announcement coming, page-33

pt bouvard-large f/f dividend declared! A 15c fully franked dividend was declared after market close-record date 6 June 2005. Ex-dividend date should be 31st May.

This is an 11.11% fully franked yield on Port Bouvard's $1.35 closing price (or a 15.87% grossed up yield). IMHO the stock should reach $1.50+ before the end of this month.

"FINAL DIVIDEND FIFTEEN CENTS The company is pleased to announce a final dividend of $0.15 per share to be paid on 20 June 2005.

This follows the payment of an interim dividend of $0.10 per share in December 2004 and brings the total dividends to be paid for the 2004-05 year to $0.25.

The final dividend will be fully franked. The record date for the payment of the $0.15 dividend will be Monday 6 June 2005. Sales continue satisfactorily at both Port Bouvard and Princeton and although not achieving sales levels of previous years the Directors have been satisfied with the result. Demand for land has been constant and the prices achieved, especially on premium locations, has been pleasing.

Directors reaffirmed their intention of continuing to sell land at each of the Estates and return profits achieved to shareholders in the most tax effective way, whether by dividends and / or the returns of capital. Following the payment of the final dividend of $0.15 per share the expected range of anticipated returns will be between $1.47 - $1.67.

Yours faithfully MICHAEL PERROTT Chairman"