23rd Oct 2019 10:47
(Alliance News) - GCP Asset Backed Income Fund Ltd on Wednesday declared a 1.55 pence per share third-quarter dividend plus a 0.25p per share special dividend.
The third quarter dividend is equal to the 1.55p per share payments for the second and first quarters of 2019. However, no special dividend was declared in either of those quarters.
The Jersey-based asset backed loans investor said the special dividend will be paid in cash on top of the third quarter dividend - for which shareholder can elect to receive a scrip dividend alternative - and takes total dividend for the last 12 months to 6.425p per share. This is just under the company's unaudited earnings per share for same 12 months to September 30 of 7.03p.
GCP Asset Backed Income is targeting a 6.2p per share annual dividend for 2019.
"The board regularly assesses the merits of additional returns to shareholders, via special dividends, to be paid where portfolio returns exceed the stated dividend target," the company said.
"The board, as advised by Gravis Capital Management Ltd, the investment manager, believe the company's portfolio is currently well positioned to continue to deliver returns which exceed its stated dividend target," GCP Asset Backed Income added.
Shares in GCP Asset Backed Income were down 0.1% at 108.44p in London on Wednesday morning.
By Anna Farley; [email protected]
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