After 6 months of delays the disposal is finally closed. Investors will see half of the £490m net proceeds returned via a special dividend of 55.3p per share (register date 24th June, ex-dividend date 27th June and paid 8 July). The shares will then be consolidated (8 for 9), UBM will now have a much purer profile with Events (mostly trade exhibitions) being the key proposition. On a cum dividend basis the stock trades on 12.1x FY16 and 9.6x FY17 EV/EBITDA or just under 11x average for theFY16/1 ....
