Pinewood Technologies has announced plans to return £358m to shareholders in the form of a special dividend.

The shares are priced at 24.5 pence per ordinary share and the payout is expected to take place on 7 May.

The announcement comes after the firm completed the disposal of its motor and leasing unit, Lithia Motors Inc., for £367m, alongside a £30m subscription.

AJ Bell has reported that following the announcement, shares in Pinewood increased by 0.2% to 38.97 pence per share.

Pinewood also announced that a general meeting will take place on 22 April, which will include a motion to approve the dividend.

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