UK tanner Pittards plc has announced that it will not pay a dividend that was due to its shareholders on June 30, 2005. A circular issued to the 9.5% cumulative preference shareholders stated that this was as a result of the company’s requirement to fully adopt FRS17 in 2005 and a deficit in the company's pension scheme that is likely to result when the company’s 2004 results are restated.

The company said that at present it cannot forecast when dividend payments will be resumed.

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