Marks & Spencer has set out details of its promised £2 billion sterling pay-out to shareholders.
Chairman and chief executive Mr Luc Vandevelde says the return is a key element of the restructuring announced last year.
The company says the return to shareholders will be achieved through the introduction of a holding company, Marks and Spencer Group.
It says it will help improve the potential returns on investment for shareholders.
The return represents the equivalent of 70p per existing ordinary share, and is conditional upon the approval of the shareholders of M&S and the High Court in Britain.
Mr Vandevelde adds: "This will enable us to improve the potential for a faster rate of earnings growth and create a more efficient balance sheet structure.
"Our objective was to treat all shareholders in the same way. The proposals achieve this, and give them a choice as to when to receive cash."
Shareholders will be sent a circular by February 4th setting out the proposals.
The return is dependent on shareholder approval at a court meeting and an extraordinary general meeting, both of which will be held on February 28th.
The company has established a helpline to answer shareholders' questions on (0044 20 7864 9090 if calling from Ireland) from 8.30 a.m. to 6.30 p.m., Monday to Friday.
PA