News today of a nice little sweetener for investors in engineering firm Korvest Limited
(ASX:KOR).
The company announced of a special fully franked dividend of $1 per share.
Korvest is divesting $8.8 million of retained earnings and will pay the dividend on 27 June with a record date of 11 June. The company has also determined a dividend reinvestment plan of 5% volume weighted average market price.
Korvest recently issued an upgraded second half profit guidance when it realised second half trading would improve by approximately 20 per cent. The increased business is a result of successful tenders from its Ezystrut and a restructuring of its Indax handrail and walkway system business.
Korvest recently issued a profit result of $2.3 million for the half year to 31 December 2013.
