Insignia pauses dividends
Insignia Financial has announced a pause in dividend payments as its seeks to strengthen its balance sheet.
The company announced the dividend pause at the same time as reporting statutory net loss after tax of $185.3 million compared to a net profit after tax last year of $51.2 million.
The company said this outcome primarily reflected $257.7 million of transformation and separation costs, $243.1 million in remediation costs and penalties and the inclusion of the gain sale from the sale of Australian Executor Trustees (AET).
Insignia chief executive, Scott Hartley acknowledged that the pause in dividend payments would be disappointing for shareholders, but said the company had to prioritise strengthening its balance sheet.
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