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Masters Limited Declares Extra Dividend
Hamilton, Bermuda: 10th June 2005 - Masters Limited (the "Company") (MSTR.BH) has advised the Bermuda Stock Exchange (BSX) that at a meeting of the Board of Directors held yesterday, June 9, 2005, it was resolved to declare an extra dividend in the amount of $0.20 cents per share to shareholders of record as at June 16, 2005 and payable on June 17, 2005. As a result of this extra dividend and the convenience of issuing only one cheque per shareholder, the previously announced regular dividend of $0.20 cents per share will now be paid on June 17, 2005 rather than June 15, 2005.
The balance sheet of Masters Limited exhibits the ongoing strength of the company. Total assets as at January 31, 2005 amounted to $22,931,400 compared with $19,091,526 at the same time last year. Current liabilities amounted to $1,178,105 compared with $1,110,137 a year ago. Shareholders' equity has increased from $17,798,898 ($15.80 per share) to $21,690,248 ($16.19 per share).
We remind shareholders that the real estate is recorded at written-down value based on historical cost; the investment in the affiliated company (the owner of Clarendon House) is based on fixed assets valued at written-down historical costs. The Board of Directors of Masters Limited have not made any estimates of the current realizable value of the Company's real estate holdings. It should also be mentioned that in the past financial year, i.e. the year ending January 31st, 2005, the Company completed its new warehouse at a cost of $2,194,323.
There are provisions for possible loses on realizing receivables and inventories in the Company's balance sheet; these provisions reflect the continuing conservative attitude to the valuation of these assets by the Board of Directors.
Earnings for the year amounted to $2,015,114 or ($1.60 per share) compared with $1,917,481 ($1.70 per share) last year. The reduction in earnings per share reflected the increased number of shares as a result of the rights issue.
Although the Board of Directors resolved that the Company would buy back up to 100,000 of its shares, volumes during the year were such that only 11,600 shares were acquired (as opposed to no shares acquired in the prior year.) This resolution has been renewed and the Company will continue to make an offer for its shares through the Bermuda Stock Exchange at prices which it considers attractive.
The Board of directors expressed their appreciation for the contribution from the Company's management and staff.
The Shareholders are reminded that the Annual General Meeting will be held on June 23, 2005 at 11:00 a.m. at the Company Headquarters at Bulls Head.
Signed by:
Susan D. Wilson, C.A. J.P.,
President and Chief Executive Officer