Perpetual (ASX:PPT) has announced it will pay a special dividend of $0.35 per share, as part of a Regulatory Approval conditions in its $2B purchase of rival Pendal (ASX:PDL).
Perpetual says the conditions set out in the scheme implementation deed have now been satisfied, but that the implementation of the scheme remains subject to other conditions.
Pendal shareholders approved the takeover just before Christmas, and Perpetual hopes to save $60M per year by teaming up with them.
Perpetual says the dividends will be payable on February 8, and the Dividend Reinvestment Policy will remain in place for Perpetual shareholders who’ve elected to reinvest their dividends.