LogProstyle Inc. (NYSE:LGPS) shares jumped 63.74% to $1.13 after the bell on Tuesday after the Tokyo-based real estate developer and management company confirmed completion of its special cash dividend.
Buyback Funds Redirected To Shareholders
LogProstyle said the dividend, which was approved by its Board of Directors on May 15, was funded using the remaining unused balance from a previously discontinued share repurchase program.
The company distributed a total of $519,000, or $0.022 per share, to shareholders of record as of Jun. 1, which also served as the ex-dividend date.
LogProstyle also stated that the timing of when shareholders actually receive the funds may vary by several business days, depending on their financial institutions.
