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DWHT Dewhurst Group Plc

0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Dewhurst Group Plc DWHT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 1,195.00 07:34:08
Open Price Low Price High Price Close Price Previous Close
1,195.00 1,195.00 1,195.00 1,195.00 1,195.00
more quote information »
Industry Sector

Dewhurst DWHT Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 21/12/2023 11:23 by 18bt
Am still a holder - there are more exciting companies around, but the family presence is comforting and they have maintained high cash holdings. Plenty of room for the dividend to grow and/or bolt on acquisitions. A shares on PER of 9.2x which is not unreasonable.
Posted at 05/8/2021 18:00 by coolen
If I remember correctly, at Cakebread Robey (which had a similar capital structure) the non-voters nodded through a scheme whereby, although the voters received a scrip issue, the non-voters received a hefty special dividend and were enfranchised, thus creating a single class of capital. Still family controlled (through the scrip issue) but with the "A" holders now enfranchised and with cash in their pockets.
Posted at 04/8/2021 09:33 by gengulphus
Just to argue against myself: non-voters are 57% of all shares. If both classes traded at say £10 then each share has an equal claim on earnings. However if the non-voters end up with a only a say 26% claim on overall earnings. That could indeed be a problem. Hmm.

Each share does have an equal claim on earnings: the company's Articles of Association ( ) basically say that in their section 6.1.3, by saying that both dividends and returned capital must be paid in equal amounts per share. That isn't affected by the market price of the shares: DWHT shares are priced higher than DWHA shares because they have voting rights and the DWHA shares don't, not because they have any greater claim on earnings.

Or to be precise, it's not that DWHA shares have no voting rights, but that they have extremely limited voting rights: section 8.1 of the Articles of Association says:

"Subject to the provisions of the Statutes, any proposed variation or abrogation of the rights attached to the A Ordinary Shares, whether or not the Company is being wound up, which would result in such rights not ranking pari passu with the rights attaching to the Ordinary Shares (save in respect of voting) shall only be effective if made with the consent in writing of the holders of not less than three-quarters in nominal value of the issued A Ordinary Shares or with the sanction of a special resolution passed at a separate general meeting of the holders of the A Ordinary Shares (but not otherwise) and for this purpose alone the holders of the A Ordinary Shares shall have the right to vote at such separate general meeting."

The gist of which is that if any company proposal to alter the fact that each share has an equal claim on earnings can only go through if the DWHA shareholders approve it separately from the DWHT shareholders (and they can vote about it despite normally being non-voters). This is of course an important safeguard for DWHA shareholders - without it, the DWHT shareholders could push through changes to section 6.1.3 to give themselves greater claims to the company's earnings at the expense of the DWHA shareholders without the latter being able to do anything about it.

That includes any proposal to consolidate the two classes of share unless it's done on a straight 1-for-1 basis, and also any proposal to amend the Articles of Association by altering that section 8.1 safeguard.

Of course, any proposed consolidation is extremely unlikely to be on a 1-for-1 basis - that would involve the DWHT shareholders (and the Dewhurst family in particular) giving up control of the company for no benefit to themselves. But they'll have to get the DWHA shareholders' consent to the amount of benefit they get to compensate them for their loss of company control - otherwise the consolidation won't go through.

Equally, though, I should amend my statement in my last post that "And with the share price ratio currently being about 4 times, you'd expect their fractions of the consolidated share capital to be in the ratio 4:1.44, or about 73.5%:26.5%.". My thinking at the time I made it was influenced by what I know of the Takeover Code: its Rule 14 basically requires that a bidder for Dewhurst splits their offer between the two classes on that sort of basis. But would a consolidation on that sort of basis pass its vote at a meeting of DWHA shareholders? I doubt it...

So I think a realistic consolidation proposal would have to be on some sort of compromise basis between "1 DWHT share = 1 DWHA share" (which will clearly be unacceptable to DWHT shareholders) and "1 DWHT share = ~4 DWHA shares" (which I very much doubt would be acceptable to DWHA shareholders) if it's to stand any chance of being approved by both DWHT and DWHA shareholders. (And just to be clear, it would need approval by separate meetings of the two classes of shareholder: DWHT shareholders won't be able to vote in the DWHA meeting any more than DWHA shareholders can vote in the DWHT meeting).

But whether there is such a compromise to be found, I don't know, nor do I have any idea what its basis would be if it could.

Posted at 14/12/2020 11:05 by energeticbacker
In Investor’s Champion’s income feature this week, they've selected four small-cap dividend stocks including Dewhurst with impressive dividend growth records, sensible yields, and solid balance sheets.

In aggregate, these four shares have a forecast dividend yield of 3.2% and a 10-year average annual dividend growth rate of 11%. Investor’s Champion thinks stocks such as these could be an interesting alternative for income investors who are building a long-term portfolio.
Posted at 10/6/2018 03:29 by danieldanj
Dewhurst (DWHT) Earnings-Reaction to Keep an Eye
Posted at 10/2/2017 12:54 by little beaker
Hi can someone tell me what the difference is between DWHT and DWHA shares, thanks
Posted at 01/2/2017 08:21 by cockerhoop
Cheap as chips Acq
Posted at 06/12/2016 11:31 by bench2
Good call Topvest ... todays results show how difficult it is to forecast demand at Dewhurst with the early Feb profit warning having to be reversed . Small Brexit beneficiary , but probably another flat year coming up . But divi growth record is excellent , and balance sheet impeccable . Along with FWThorpe my largest sleepeasy AIM holding . Also the company Buy Backs are few and far between but always superbly timed , to genuinely add value .
Posted at 08/12/2015 07:49 by 18bt
Another solid year. Small special dividend helps. They still have masses of cash to develop the business if they find the right opportunities. Conservatively managed and cheaply rated. Happy to hold here.
Posted at 22/6/2015 10:33 by patviera
Great news dwhtShares ahouls be up 30p

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