Interim Dividend Maintained By Amvescap
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Amvescap, the troubled fund manager has managed to pull back from the brink. Admittedly slicing the interim divind in half may not sound great. However the markets had been expecting the dividend to be cut totally. Although the company operates in both the US and UK it is listed in London. The threat of cutting the dividend arose from the expected settlement of investigations by the SEC and two states. Allegations of market timing of mutual funds. In July the company had shocked the markets with an announcement that the dividend would be deferred. The announcement yesterday said the interim dividend was 2.5p. The final dividend would not be declared until post-tax profit had been calculated and possible impact on bank covenants.
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