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M&S offers investors gift card for a dividend

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London - Marks & Spencer is to offer its army of private investors a gift card instead of a dividend payment as the British retailer rethinks the way it rewards shareholders.

About 30% of M&S equity is owned by private investors, one of the highest proportions in the FTSE 100 index of Britain's leading companies.

A decade ago billionaire Philip Green's attempt to take over M&S, one of Britain's best known retailers, failed partly because private investors were implacably opposed to him.

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