9th Nov 2021 11:54
(Alliance News) - AVI Global Trust PLC on Tuesday kept its dividend unchanged for the recent financial year despite net assets rising by a third in its most recently ended financial year.
The Lancing, England-based trust invests in family-controlled holding companies, closed-end funds and asset-backed opportunities.
Net asset value as at September 30 stood at 1,109.77 pence, up 33% from 837.13p recorded a year earlier.
The company's share price at the end of its financial year stood at 1,020.00p, representing a 6.7% discount to NAV.
FTSE 250-listed AVI Global Trust shares were trading 0.3% higher in London on Tuesday at 1,099.67p each.
The NAV total return over the year to September 30 was 36% driven primarily by stock selection, the trust said, which compares with the benchmark return of 19%.
The company proposed a final dividend of 10.5p per share, which will bring the total dividend for the year to 16.5p, which is unchanged from last year.
In addition, AVI Global Trust said it will seek at its annual general meeting an approval for the sub-division of each existing share of 10p each into five new shares of 2p each. If approved, this will become effective from January 17.
The ticker for the new ordinary shares will remain the same as the ticker for the existing shares, the company noted. However, the new shares will trade under a new ISIN and a new SEDOL.
By Evelina Grecenko; [email protected]
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