Chelverton UK Dividend Trust plc: Dividend Policy Clarification (784755)
March 06 2019 - 11:28AM
UK Regulatory
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Chelverton UK Dividend Trust plc (SDVP)
Chelverton UK Dividend Trust plc: Dividend Policy Clarification
06-March-2019 / 16:27 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
CHELVERTON UK DIVIDEND TRUST PLC
Dividend Policy Clarification
A key objective of the Company is to pay an annual dividend that is
increased in real terms each year.
It remains the Board's intention, which has been stated several times over
the past few years, to move the dividend payment profile to a position where
the fund pays four equal interim dividends on a quarterly basis through the
year. This will be achieved in the year ending 30th April 2020 with four
payments of 2.40p being a total for the year of 9.60p of core dividend. In
that same year there may or may not be a special dividend, the payment of
which will be dependent on the level of total dividend revenue received by
the Company including any Special Dividends.
Since 2013 the Company has also had to pay an annual special dividend, in
addition to the core interim dividends. This has been done to ensure the
Company does not retain more than the permissible maximum of 14.99% of
current period revenue.
After careful consideration, the Board has decided that as retained revenue
reserves build each year a point will be reached where there are adequate
revenue reserves to ensure that in the normal course of events future
dividends can be paid.
It is therefore proposed that once the Company's retained revenue reserves
are equal to double the historic core dividend, the Company will distribute
to shareholders all additional current period revenue as a special dividend.
If the current period revenue is insufficient to meet the proposed core
dividend target, the Company will use some of the retained revenue reserves
with the aim of reinstating its policy as soon as is practical.
The Company as at year end of 30th April 2018 had retained revenue reserves
of GBP2,577,284 or 12.36p per share, which represents some 146% of the current
historic core annual dividend of 8.46p per Ordinary share.
For further information please contact:
George Bayer
Maitland Administration Services Limited, Corporate Secretary
+44 1245 398984
ISIN: GB0006615826, GB00BZ7MQD81
Category Code: MSCM
TIDM: SDVP
LEI Code: 213800DAF47EJ2HT4P78
Sequence No.: 7738
EQS News ID: 784755
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 06, 2019 11:28 ET (16:28 GMT)
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