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Don't have an account? Click here to register.Dignity announces £54m cash return, refinancing
Wed, 17th Sep 2014 09:08
Funeral services provider Dignity has proposed an unexpected capital return of £54m, saying that it expects to save money after refinancing its debt.The company said that it has announced a proposal to holders of its securitised debt, "which if approved, is expected to result in the group materially increasing the quantum and extending the duration of its debt obligations".Given the low interest-rate environment and the narrow spreads implicit in the market value of its debt, Dignity said it has an opportunity to extend the lift of its debt and raise new funds. The company said the move will also maintain a structure that protects it against increasing interest rates and refinancing risk.The move should lower its annual debt service obligations from £40m to £34m per annum. As such, the group wants to return 100p per share to shareholders, equal to around £54m.Chief executive Mike McCollom labelled it as an "excellent transaction for both our shareholders and bondholders".He said this is Dignity's fourth return of cash since its flotation in 2004.The stock was up 2.1% at 1,462p in morning trade on Wednesday.
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Tuesday newspaper share tips: Advice for long-term investors in Dignity
(ShareCast News) - They say there are two things you can't avoid - death and taxes. One of those things is keeping Dignity shares an asset worth hanging on to according to The Telegraph's Questor. The funeral provider said in a trading statement on Monday it expects to outperform full-year earnings
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Dignity set to beat full year expectations
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