Ardent Leisure (ASX:ALG) to pay shareholders after Main Event sale

Ardent Leisure Group (ASX:ALG) is set to return $455.7 million to shareholders after completing the sale of its Main Event cinema business in the US.

Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) is now the owner of Main Event, following shareholder approval received at the extraordinary general meeting of shareholders held yesterday.

The return of capital will be divided between a return of capital at 46 cents per share and an unfranked dividend at 48.9 cents per share.

The company is set to be debt free, following the sale with the funds earmarked to invest in its theme parks and attractions business and to pay for costs associated with preliminary town planning work and council approvals.

Shares are trading 8.9 per cent higher to $1.47.