Midway declares 5.0 cents fully franked special dividend, refinances debt facilities

Midway Limited (ASX: MWY) has revealed a fully franked special dividend of 5.0 cents per share, set for payment on December 22, 2023, and a record date of December 8, 2023. The dividend draws from the net proceeds of the plantation estate sale. Midway Chairman Gordon Davis expressed the board's conviction in the dividend's appropriateness at this juncture.

Simultaneously, Midway announced the successful refinancing of its banking facilities with the Commonwealth Bank, aligning with their strategy to boost operational performance and asset value. The restructured facilities encompass a trade finance component, allowing for draws of up to AU$35 million against inventory and debtors, thereby supporting cyclical working capital needs. Midway's CFO, Michael McKenzie, emphasized the significance of this refinancing step in enhancing business resilience during market fluctuations.

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