Dividends
We have been able to continue the trend of increasing the level of dividends paid, despite the impact arising from some dividends in Latin America that were expected to be paid in 2014 which were accounted for in 2013, depressing the dividends received in 2014. A more normal pattern of payments is expected in 2015. Accordingly, three interim dividends of 10.0p (2013: three interims of 9.5p) have been declared during the year. Your Board is now recommending a final dividend of 15.0p (2013: 14.5p) which, subject to the approval of shareholders at the Annual General Meeting, will be paid on 15 May 2015 to shareholders on the register on 7 April 2015. Subject to approval of the final dividend, the total Ordinary dividend for the year will amount to 45.0p, an increase of 4.7% from last year (2013: 43.0p). B Ordinary shareholders will receive their capitalisation issue of B Ordinary shares at the same time as each dividend is paid. Accordingly, subject to approval at the Annual General Meeting, B Ordinary shareholders will be issued on 15 May 2015 with new B Ordinary shares equivalent in Net Asset Value to the recommended final dividend for the year just ended. The payment of the final dividend will necessitate a transfer from the Company's brought forward revenue reserves of £5.3 million.
