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Ocean Wilsons Holdings Limited Announces Currency Change
The Directors of Ocean Wilsons Holdings Limited approved a change in the Group's reporting currency for the year ended 31 December 2003 from sterling to US dollars.
As the majority of the Group's transactions are in US dollars and currencies linked to it, the Board considers US dollar reporting more appropriately reflects the Group's financial position and performance.
It is the intention of the Board to declare dividends in US dollars. Shareholders will continue to receive dividends in sterling determined by reference to the exchange rate applicable to the US dollar on the dividend record date, except those shareholders that elect to receive dividends in US dollars.
The Chairman will write to shareholders explaining the procedure for electing to receive a dividend in US dollars.
Shareholders need to appreciate that in future the level of the dividend payment in sterling will depend in part on the exchange rate between sterling and the US dollar.