Growth Dividends 2011

Growth Dividends 2011

At a Board meeting of Jupiter Dividend & Growth Trust PLC (the "Company") the Directors resolved to declare a first interim dividend of 0.11p (net) per Ordinary Income share and a second interim dividend per Common share of 0.30p (net), both for the year ending 31 December 2011. Both dividends will be paid on 27 May 2011, to the shareholders on the register as at 15 April 2011, and are in accordance with the relative entitlements of the Ordinary Income shares and the Common shares to the distributable profits of the Company under the Company's Articles of Association.

Ordinary Income shares are entitled to share in all of the distributable revenues arising from assets attributable to both the Zero Dividend Preference shares and Ordinary Income shares, whereas the Common shares are entitled only to distributable revenues attributable to the proportion of the Company's total assets that they represent.

These interim dividends amount to substantially all of the revenues available for distribution from the Company's investment portfolio arising during the first quarter of the current financial year.  Pursuant to acceptances of the cash exit for Zero Dividend Preference shareholders, which formed part of the Company's reconstruction in November 2010, the Company's investment portfolio was significantly reduced in size from approximately £90m in November 2010 to its current level of approximately £39.6m as at 31 March 2011.

The Board anticipates that future dividends will continue to reflect the reduced size of the Company.  The Directors do not anticipate a significant increase in the level of the first quarter dividends for the foreseeable future.  The Directors are nevertheless mindful of the advantage in maintaining consistent quarterly dividend payments.

Monthly fact sheets for Jupiter's investment trust clients are available for download fromwww.jupiteronline.co.uk and by post on request from the company secretarial department.
Enquiries:

Faith Pengelly
e-mail: fpengelly@jupiter-group.co.uk
Jupiter Asset Management Limited
0207 314 4915
Sources: http://www.reuters.com

Pringles

Pringles

Diamond Foods Inc. is acquiring the Pringles potato crisp brand from Procter & Gamble Co. in a $1.5 billion stock transaction designed to minimize the tax bite for P&G.
The deal, in which Diamond Foods will issue stock to P&G and also assume $850 million in Pringles debt, will more than triple the size of Diamond's snack business.
Diamond Foods has been growing rapidly through acquisitions. Last year it doubled in size with another foray into chips, its $615 million acquisition of premium potato-chip maker Kettle Foods. It other brands include Diamond of California and Emerald nuts and Pop Secret popcorn.
The deal will be structured to minimize the tax impact to P&G shareholders, who can elect to exchange P&G shares for Diamond shares. P&G will set up an entity to own the Pringles business, and merge it with Diamond. P&G shareholders will own 57% of the new entity.
P&G used the same structure when it sold Folgers coffee to Smuckers in 2008.
Tuesday, Diamond gave a relatively cautious 2012 earnings forecast for its core business, predicting a per-share profit of $2.85 to $2.98, compared with the $2.98 average estimate of analysts polled by Thomson Reuters.
Assuming the Pringles deal closes by the end of the current calendar year, it forecast adjusted earnings per share of $3 to $3.10 on $1.8 billion in net sales for its 2012 fiscal year.
P&G, meanwhile, has been planning to shed some production systems, manufacturing lines and brands. The maker of Tide detergent and Pantene shampoo has continued to look for cost savings to help offset rising commodities expenses.
Pringles, which are called "crisps" rather than chips because they aren't 100% potato, are sold in more than 140 countries and are manufactured in the U.S., Europe and Asia.
Diamond executives said the time was right to jump on another deal after "meaningfully" completing most of the integration from the Kettle deal.
"You don't get to pick your time with good transactions," Diamond Chief Executive Michael Mendes said on a call with analysts.
Sources: http://online.wsj.com

Is The Post Office Open On Presidents Day 2011

Is The Post Office Open On Presidents Day 2011

Federal government offices in La Crosse will be closed today in observance of Presidents Day. The post office will be closed, and mail will not be delivered.

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