Over Fifty Group (OFG) will go ex dividend on 27/5/2010. The current dividend payment is 2.5 cents and it is 100% franked. The record date is 2/6/2010 and the dividend will be paid on 23/6/2010. Based on the full year payment the dividend yield is 4.6%.
*Current Yield: 4.6% Franking: 100% DRP Discount: 0%
*Yield has been calculated on the closing price on the 21/5/2010. Current yield is based on the current dividend payment only.
Over Fifty Group’s (OFG) property funds management subsidiary, Century Funds Management, is back on the acquisition trail, exchanging contracts to purchase the office component of a new 19 level mixed use building at 131 Grenfell Street Adelaide for $16.4 million. The acquisition for OFG’s new unlisted property fund is a 4,052 square metre property leased over a 10 year term to the South Australian Government and will be occupied by the Department of Infrastructure, with annual 4 per cent rent reviews. The acquisition takes OFG property funds under management to $895 million and total funds under group management to $1.9 billion.
CEO of OFG, Mr John McBain said, “Century has been cautious over the past 18 months and while many properties have been reviewed, none were purchased. It is only now that we are seeing good quality investment grade property entering fair value range. “It is helping the property group that we have fewer competitors for these sorts of properties. We are one of the few direct property players with the ability to purchase in the current market and the prospects for OFG further increasing its funds under management are extremely positive.
At the same time OFG Friendly Society bonds are experiencing a resurgence of interest as their tax effective benefits become increasingly attractive in the light of recent changes to regulations which restrict the amount individuals can contribute to superannuation. OFG is developing a range of new bonds to be released to the market following regulatory approval.
