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H&M shelves shareholder reinvestment plan

 H&M has ditched a plan to allow its shareholders to reinvest their dividends into new stock.

The retailer announced in its full-year results for the 2016/2017 financial year that it was investigating the possibility of inviting shareholders to reinvest dividends received into newly-issued H&M shares. However, the Swedish retailer has now decided it would be too difficult to implement “from a technical perspective” and due to time constraints.

Instead, its board of directors will propose an unchanged dividend of SEK 9.75 (£0.87) per share to be paid in cash for the financial year 2016/2017.

This is to be paid in two instalments; one in spring and one in autumn this year.

Operating profit at H&M dropped by 13% to SEK 20.6bn (£1.85bn) in the year to 30 November 2017, while profit for the period fell by 12.9% to SEK 16.2bn (£1.45bn).

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