17th Apr 2020 15:18
(Alliance News) - Fair Oaks Income Ltd on Friday reported a net asset value fall in 2019 and reduced its payout.
Net asset value per 2017 share on December 31 was USD343.2 million, down 13% from USD396.3 million in the year prior.
NAV per 2017 share fell at the same rate to USD0.7580 from USD0.8742.
Shares in the company were 1.3% lower at USD0.38 each in London on Friday afternoon.
Also falling was Fair Oaks Income's dividend, cut by 17% to 11.2 cents per 2017 share from 13.45 cents.
At the end of March, the company said it has suspended dividend payments due to the Covid-19 outbreak.
"The board and the Investment Adviser recognise the importance of dividends for shareholders but believe that suspension is the appropriate reaction to the unprecedented circumstances," Fair Oaks said on Friday.
By Eric Cunha; [email protected]
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