Steel & Tube springs bonus surprise

Shareholders at Steel & Tube's annual meeting in Christchurch yesterday received a surprise bonus - news of a fully imputed special dividend of 10c a share.

The extra payout of $8.8 million on November 21 will bring the total distribution to 23c a share for the year, up from the previous year's 19c.

Chairman Bob Every said the special payment would not affect Steel & Tube's ability to pursue growth opportunities or future dividend payments. He also announced a new executive share scheme for non-directors.

Chief executive Nick Calavrias said the profit for the first three months of the financial year was slightly ahead of last year.

Shares in the company closed last night at $3.80.Ellen Read