Whitefield aims to pay dividends each year which are approximately equal to its net operating profit after tax, excluding realised gains on investments. When Whitefield realises LIC Discount Capital Gains it will seek to pass the tax status of those gains to underlying shareholders to the extent possible at appropriate points of time.

At the present time Whitefield’s ordinary dividend per share is slightly higher than its net operating profit after tax per share. This stems from Whitefield’s decision to continue to pay a dividend in line with the company’s pre-financial crisis dividend level notwithstanding the reduction in dividend payments from many Australian listed companies as the result of the 2008/9 global financial crisis. This policy has provided Whitefield shareholders with consistency of income over this period of time. Whitefield would expect to increase its ordinary dividend rate once the company’s underlying operating profit after tax per share exceeds the current dividend rate.