Wealth Defender Equities (WDE) has announced plans to undertake an on-market share buy-back of up to 10 per cent of its issued share capital, as a part of capital management initiative over the 12 months, and declared a fully-franked two cents per share interim dividend.
The decision to pay such a dividend, which was declared for the half year to December, 2017, was helped by a combination of strong investment performance coupled with a reduction in the cost of providing protection over the past year, the company said.
WDE also said that it intended to pay a “regular, consistent dividend stream from available profits and cash flow in line with the performance of the company.”
WDE also believed that the buy-back would provide the opportunity to repurchase shares at attractive valuations.
The company appointed Baillieu Holst to help manage the buy-back process which would commence after the release of WDE’s half year results for the 2017/18 year, it said.
