Lyttelton Port cans dividend after failed takeover

The Lyttelton Port Company board has punished Port of Otago for stymying the plan to sell out to Hong Kong giant Hutchison Port Holdings, by canning its December half year dividend.

The board said today it was in the process of reassessing the company's long-term strategy, future direction and dividend policy.

Last month, Port of Otago snared a 13 per cent stake in Lyttelton, upsetting the takeover plan of Christchur ch city's investment arm, Christchurch City Holdings, to onsell Lyttelton to Hutchison.

The Lyttelton board said today it intended to announce the future dividend policy when the results for the year ended June 30 are released. Last year, it announced its result on August 11.

Lyttelton shares last traded at $2.05, having traded between $1.71 and $2.26 in the last year.

- NZPA