Tsokkos approves dividend

The Annual General Meeting of A. Tsokkos Hotels Pcl (TSH) approved the 0.3 cent per share dividend payment to its shareholders from the Company’s distributable reserves, the continuation of its share buy back scheme and the reduction of its share capital.

In line with a previous announcement, TSH will pay 0.2 cent per share from its 2002 profits and 0.1 cent per share from its 2003 profits. The ex-dividend date is on 23 November 2005. Based on the stock’s latest closing price, this yields a return of 2.8%. During the year TSH paid a 0.4 cent per share to its shareholders from its 2004 profits.

Shareholders also approved the resolution for the reduction of the Company’s share capital from CYP 49.64 mln divided into 248.2 mln shares to CYP 49.38 mln divided into 246.9 mln shares with a nominal value of 20 cent per share. The action represents the cancellation of shares acquired by the Company through its share buy back scheme.