The board of Resimac Group have declared a fully franked special dividend of 12 cents per ordinary share, presumably as a vote of confidence after a rocky period in recent months.
“This decision follows a comprehensive strategic review of the group’s operating assets and capital requirements” the company said.
No doubt, but the decision to pay a special dividend follows a rocky period for the company, bookended by the poorly explained resignation of the Resimac CEO in July last year, and APRA a week ago suing the company for lousy and uncaring handling of customers in hardship.
“Through this process, surplus capital deemed not essential for supporting the group’s strategic objectives was identified - accompanied with the recent sale of surplus ASX listed financial assets considered non-core to Resimac’s strategic direction” Resimac said.
“These non-core assets comprised less than 5% of the group’s 1H25 reported net assets.
“The combination of the capital review and strategic divestment created a valuable opportunity to return capital to shareholders that may not ordinarily be available in future periods.”
The special dividend will cost the company $47 million, equal to 11 per cent of net assets at December 2024.