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.

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