Port Nelson announces special dividend

Press Release – Port Nelson Ltd

The Nelson City and Tasman District councils will benefit by $4 million each from a special dividend to shareholders announced today by Port Nelson Limited.Port Nelson announces special dividend

The Nelson City and Tasman District councils will benefit by $4 million each from a special dividend to shareholders announced today by Port Nelson Limited.

Port Nelson Chairman Nick Patterson said the decision to pay the fully imputed special dividend of $8 million came about after a review of the business environment the port operates in.

“We have looked at our short and medium term plans in response to predicted business conditions, reviewed and updated our financial projections, updated our forecasts and reviewed the balance sheet,” he said. “With this completed we have also reviewed our position in respect of the insurance risk resulting from the Christchurch earthquake and the increased costs and risk exposure it has brought.

“As a result of the review and projections we consider that Port Nelson has the abilityto make available to the shareholders this special dividend, which we see as very timely and which we hope will be well received, given the costs to the councils of remedial works following the recent adverse weather events.”

Ends

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