Feathers ruffled over Capital Properties dividends
Promises to overhaul Capital Properties' dividend policy have upset some investors but new owner AMP says nothing has been decided yet.
Thursday, November 24th 2005, 5:50PM
by The Landlord
One Capital shareholder has laid a complaint with the Takeovers Panel, calling for it to protect the interests of minority investors.AMP Property Portfolio general manager Stephen Costley told the Business Herald his unlisted entity had "no appetite for dividends" and was purely an investment vehicle.
But two men opposing AMP took his statements to signal the company's new board intended to axe its highly attractive dividend policy.
Mark Lister of ABN Amro questioned what Costley meant when he said AMP had no appetite for dividends. No company could withhold dividends from some shareholders and pay them to others, he said, asking if Costley was actually indicating AMP would partake in Capital's active dividend reinvestment plan.
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