Watlington Waterworks has announced that it will issue a one-for-ten share dividend.

The share issue will be made to all shareholders of record on March 15 and will take effect on March 31.

Shareholders who will have a fraction of a share after the one for ten bonus issue is made will be compensated in cash on the basis of the net book value of the fraction of the share.

In addition, the Board declared a dividend of 10 cents per share to shareholders of record on May 31, payable on June 15.

In September, Watlington Waterworks said net income for the six months to the end of June was $1,080,464, up from $719,092 in the same period in 2003.

Its shares last traded on January 10, when they reached a 52-week high of $9.

Butterfield Bank bought back and cancelled a total of 12,748 of its own shares at an average price of $41 in February.

The repurchases were made under the share repurchase programme announced on January 5, 2000.