So, the net proceeds of the (headline) $3.3Billion divestment could be returned as a Capital Return to shareholders by the end of Sept 2024. Suncorp is seeking an ATO ruling on the Capital Return. Suncorp has not yet told us what the "net proceeds" will be, so for the purposes below I will assume it is 100% of the headline number (to give an upper estimate of the return). Suncorp has 1,272,316,092 shares on issue. So, the return could be up to $2.59 per share. (for reference SUN last traded at this level about 1994, so not many holders would be liable for CGT - but do await the ATO ruling on how the payout will be treated.)
Also, but unrelated, the Sept dividend could IMO be better than prior corresponding period (27cps FF) as the banking business has seemed to be reasonable and the insurance business seems to be travelling better.
SUN Price at posting:
$17.69 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)