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- Release Date: 04/06/14 17:30
- Summary: GENERAL: LIC: LIC issues refund to shareholders due to high share demand
- Price Sensitive: No
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LIC
04/06/2014 15:30
GENERAL
REL: 1530 HRS Livestock Improvement Corporation Limited (NS)
GENERAL: LIC: LIC issues refund to shareholders due to high share demand
Market Statement: LIC issues refund to shareholders due to high share demand
Farmer-owned co-operative LIC has written to all members of its Dividend
Reinvestment Plan (DRP) and Voluntary Investment Scheme (VIS) this week, to
notify them about a refund of unspent funds that will be credited to their
account in June.
The refund is a result of demand for LIC's investment shares being greater
than shares available for purchase on the market. For the first time since
the DRP and VIS were established, Guardian Trust (LIC's Approved Holding
Entity) was unable to purchase enough shares via the market, to fulfil the
demands of the DRP and VIS investors.
When LIC shareholders join the DRP and VIS, they are advised that in the
event of sufficient additional Investment Shares not being available, LIC
will repay or credit the amount of uninvested proceeds of the dividend
payable/contribution (subject to any amounts of less than $2.00 being
forfeited to LIC to meet expenses of operating the Schemes).
Accordingly, LIC is now arranging for the uninvested proportion (equating to
8.55% of the funds invested through the DRP and VIS) to be repaid and this
will occur in June.
LIC Investment Shares can only be held by members of the co-operative. Of
LIC's 10,200 co-operative shareholders, less than 3,000 are members of the
VIS and DRP.
End CA:00251210 For:LIC Type:GENERAL Time:2014-06-04 15:30:37
(20min delay)