GWA shareholders set for $88m windfall

GWA, the building fixtures and fittings company behind brands including Caroma and Dorf, is planning a $88m cash return to shareholders.

Shareholders in building fixtures and fittings group GWA are set to receive a $88 million windfall.

GWA says it will return 22.8 cents a share to its investors, for a total payout of $69.89 million, and 6.0 cents a share, for a total of $18.4 million, in partly-franked special dividends.

The proposed cash return will be subject to a shareholder vote at a general meeting on May 29.

If approved, GWA plans to consolidate its stock in a move that would involve a holding of 100 shares consolidated to 91 shares.