Ground Rents Income Fund PLC Dividend Declaration (5512R)
02 Marzo 2023 - 1:00AM
UK Regulatory
TIDMGRIO
RNS Number : 5512R
Ground Rents Income Fund PLC
02 March 2023
Ground Rents Income Fund plc (the "Company")
First interim dividend
for the quarter ending 31 December 2022
In the Trading Update and Shareholder Consultation announcement
published on 22 December 2022, the Company highlighted the
increasing frictional costs relating to building safety and legacy
legal issues being managed across the portfolio. Whilst these costs
are mitigated by growing underlying rental income, and the
potential for future cost recovery from third parties, the Board is
reviewing the optimum dividend policy in conjunction with the
shareholder consultation relating to the Continuation Vote.
Whilst this consultation is ongoing, and as an interim measure,
this quarter the Company will pay a dividend based on estimated
cash earnings during the current financial year to 30 September
2023. Adopting this approach, this quarter's dividend has been
adjusted to 0.5 pence per share ("pps"). This compares with 0.75
pps over the quarter to 30 September 2022, and reflects a yield of
4.5% on the share price of 44.5 pps as at 27 February 2023.
Future dividends may therefore be subject to further
adjustments, having regard to future sustainable earnings,
shareholder feedback during the ongoing consultation, and REIT
conditions.
The Company therefore declares an interim PID dividend of 0.5
pence per share for the period from 1 October 2022 to 31 December
2022, payable on 31 March 2023 to shareholders on the register on
10 March 2023.
Ex dividend date 9 March 2023
Record date 10 March 2023
Pay date 31 March 2023
Dividend per share 0.5 pence
Further details on the future dividend policy and the results of
the consultation will be provided to shareholders later this
quarter. This will also include an update on the timetable for the
audited year end accounts to 30 September 2022, for which Companies
House and TISE have granted an extension to 30 June 2023.
For further information:
Schroder Real Estate Investment Management
Chris Leek / Matthew Riley 020 7658 6000
Singer Capital Markets (Broker)
James Maxwell / Alaina Wong 020 7496 3000
Appleby Securities (Channel Islands) Limited (Sponsor)
Andrew Weaver / Michael Davies 01534 888 777
FTI Consulting
Dido Laurimore / Richard Gotla / Meth Tanyanyiwa 020 3727 1000
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END
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