Following a bumper season for special dividends, capex growth has picked up substantially. The era of special dividends could be drawing to a close, explains AXA IM's Jamie Forbes-Wilson.
Since the dividend lows of 2009 - which followed the painful period of credit crunch cuts - a combination of dividend growth and share buybacks have rewarded shareholders for their investment loyalty. The specials club These rewards have been further enhanced, particularly in the past three years, by the payment of special dividends. This year's payment of £15.9bn (gross) by Vodafone was a record special dividend and more companies have been joining the club by using this method to return excess cash to shareholders. For example Booker, the UK's leading cash and carry group, is ...
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