Green Cross Health, formerly known as PharmacyBrands, will return $20.3 million to shareholders through a special dividend after reviewing its capital structure.

The Auckland-based company will pay 15 cents per share on August 21 to shareholders registered at the close of trading on August 7 after the board has reviewed its capital and debt structure, Green Cross said in a statement.

The primary health and pharmacy retailer has largely driven expansion through equity funding, and has settled on a new mix for debt and equity, it said.

“The company continues its objective to invest and grow in its business units through both acquisition and organically,” Green Cross said. “The new mix of equity and debt provides a platform to pursue this objective whilst enhancing returns to shareholders.”

The company made the announcement to the stock exchange while hosting its annual meeting in Auckland.

Earlier this year, Green Cross reported a 4.1 per cent decline in annual profit to $14.4 million, while lifting sales 25 per cent to $322.4 million.

The shares were unchanged at $2.14, and are up 0.9 per cent this year, valuing the company at $289.6 million.

Green Cross’s dividend reinvestment plan will not operate in respect of the special dividend, but will for future payments, it said.