Galliford Try - Settlement and 12p special dividend
Galliford Try has agreed a settlement in its long-standing dispute with a major infrastructure fund. As a result of the settlement, Galliford Try will receive a cash payment of £26m and expects to report a one-off, non-cash write-off of c£3m. Further to this settlement, Galliford Try has declared a special dividend of 12p per share, amounting to c£13m or half the agreed payment. This settlement brings to a conclusion a complex and challenging multi-contract dispute resulting in a substantial cash settlement, enabling the payment of a special dividend equivalent to a yield of 6.5%, and a modest truing up to the carrying value of contract assets.Galliford Try is a housebuilding, regeneration and construction group. Co.'s operating segments are: Linden Homes, which is a housebuilder that develops housing on sites, primarily for first-time buyers and families; Partnerships and Regeneration, which is Co.'s specialist regeneration business that works with registered providers and other partners to increase the supply of housing and build sustainable communities; and Construction, which is organised into the Building, Infrastructure and PPP Investments divisions, and also includes facilities management, telecommunications, dry lining and its national piling specialists, Rock & Alluvium.
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