Shares in housebuilder Berkeley Group rocketed to a record high after it raised its dividend payout to shareholders, handing chairman Tony Pidgley a windfall of nearly £100m by 2021.
The company, which focuses its business on the south-east and London, raised its already generous 10-year dividend payback to £16.34 a share from £13 a share. This boosted the total value of the programme, which was first announced in 2011, by £500,000 to £2.2bn.
Berkeley said £4.34 a share had already been paid, with the remaining £12 a share to be paid in annual dividends of £2 a share over the next six years.
Shares in Berkeley jumped more than 7% to £36.01, an all-time high.
Pidgley, who owns 6.09m Berkeley shares, stands to get a £98m dividend payout for the 10 years to 2021. Managing director Rob Perrins is in line for £24.5m.
The Berkeley boss, who co-founded the housebuilder nearly 30 years ago, received a bumper cash-and-shares package of £23.3m last year, part of £42m of bonuses for the top five executives at the company.
The company said it was on track to deliver profits before tax of £2bn in the three years to April 2018. However, half-year profits before tax slid 11.6% to £293.3m for the six months to the end of October. It sold 2,091 homes at an average selling price of £506,000.
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