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Pinewood Technologies Group PLC on Friday confirmed a plan to issue a special dividend to shareholders, following the sale of its UK motor and leasing business.
Pinewood will return £358 million to shareholders through a special dividend of 24.5 pence per share, as it pledged to last year.
In February, it said it completed the disposal of the motor and leasing unit for £367 million to Lithia Motors Inc, alongside a £30 million subscription, marking the beginning of its transformation from Pendragon to Pinewood Technologies, a software-as-a-service pure-play.
A general meeting on April 22 will include a motion to approve the dividend.
Pinewood shares were up 0.2% to 38.97 each in London on Friday morning.
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