Hunter Hall changes dividend policy
Amid the jostling over its control, Hunter Hall International Limited has reported an 18.6 per cent decline in profit after tax of $3.126 million based on the firm not receiving any performance fees or realising any gains in its investment portfolio for the half year to 31 December, 2016.
The company's operating profit before tax was up 13.8 per cent to $3.751 million.
Commenting on the result, Hunter Hall chairman, Kevin Elsey said that while the profit after tax was less than the comparable period, reporting a pre-tax operating profit from investment management was a pleasing result for the business.
Nonetheless, the company said that while in the normal course of events company policy was to pay out 100 per cent of net profit after tax as dividends to shareholders, recent events meant the board believed it was prudent to declare a conservative interim fully franked dividend of four cents per share.
The company's announcement to the Australian Securities Exchange (ASX) acknowledged that it had received two off-market takeover offers from Washington H Soul Pattinson and Pinnacle Investment Management.
It said the board committee continued to advise shareholders to reject both offers on the basis that they continued to significantly undervalue Hunter Hall shares.
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