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InterContinental Hotels details plan to distribute $500M special dividend

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InterContinental Hotels details plan to distribute $500M special dividend

U.K.-based InterContinental Hotels Group PLC proposed to pay a special dividend worth $2.621 per existing ordinary share, in accordance with its plan to return $500 million to its shareholders.

The London- and New York-listed hotelier will disclose the corresponding amount in pounds sterling Jan. 17, 2019, according to a filing.

The dividend will be paid Jan. 29, 2019, to shareholders on record as at Jan. 11, 2019.

As planned, the company will carry out a share consolidation together with the special dividend payment, in a move that will replace every 20 existing ordinary shares with 19 new ordinary shares of InterContinental.

Shareholders' portion of holdings in the issued share capital of InterContinental will remain unchanged, except in respect of the fractional entitlements arising from the share consolidation, said the company.

Additionally, at the general meeting scheduled Jan. 11, 2019, the company will seek approval from shareholders for market purchases of up to approximately 10% of its new issued share capital.