March 7 (Reuters) - Italian asset manager Azimut on Thursday pledged to drive its stock price higher through "one or more extraordinary transactions" so as to boost the value of the share portion of its dividend.

The switch to a cash-and-share dividend unnerved investors who sent shares in the Milanese fund manager sharply lower.

A Milan-based trader pointed to the fact that the actual value of the dividend was now uncertain as it hinged on the share price at the time of payment.

In reporting an adjusted net profit for 2023 close to the upper end of the indicative range it provided in January, Azimut said it would pay shareholders 1 euros in cash per share, plus 0.4 euros in stock.

That compares with a cash dividend of 1.3 euros it paid over 2022 results.

By 1522 GMT, shares fell 4% at 26.2 euros - meaning the share portion of the dividend amounted to just 1.5% of the value of one share.

"We are determined, without changing the group's strategy in any way, to enhance the value of the Azimut Holding shares through one or more extraordinary transactions," founder and Chairman Pietro Giuliani said in a statement.

"We are convinced that the share portion of the dividend, if retained over time by our shareholders, will be worth more than the 0.40 euros per share set today," he added.

Azimut has gained around one fifth in value over the past year, LSEG data showed, partly helped by a partnership it struck in December 2022 with UniCredit to sell its funds to clients of Italy's No.2 bank starting this year.

It reported net inflows of 446 million euros ($487 million) for February, of which roughly half into higher-margin managed assets.

Adjusted for a 19.4 million euro charge it paid to settle a dispute with Italian tax authorities, Azimut reported net profit of 454 million euros for 2023.

It has a net profit goal of 500 million euros for this year. ($1 = 0.9188 euros) (Reporting by Valentina Za, Giancarlo Navach and Alberto Chiumento; Editing by David Evans)