Impellam confirms special cash dividend as part of its acquisition

Impellam Group confirmed a special cash dividend on Wednesday, as part of its recommended cash acquisition by Heather Global.

The AIM-traded firm inked the acquisition agreement on 13 December.

A shareholder circular detailing the scheme was published on 22 December, and on 17 January, Impellam held both a court meeting and general meeting, which garnered the necessary majorities in favour of all resolutions required to approve and implement the scheme.

In the scheme document, Impellam's board previously stated its intention to declare a special cash dividend of £10m.

Based on the number of shares in issue on 12 December, that equated to 22.4p per Impellam share.

Following the repurchase and cancellation of 35,826 Impellam shares by the company since 13 December, and considering the number of Impellam shares in issue at the close of business on 23 January, which amounted to 44,511,720, the cash dividend had now been adjusted to 22.5p per Impellam share.

At 1326 GMT, shares in Impellam Group were down 1.71% at 860p.

Reporting by Josh White for Sharecast.com.