23rd Apr 2021 17:55
CVC Credit Partners European Opportunities Ltd - investment company which has exposure to European senior secured loans and other sub-investment grade corporate credit - Will be increasing annual dividend by 0.5 pence to total 5p per share, with effect from the dividend payments for the quarter ending June 30. The revised policy reflects a yield of approximately 5% based on the current prices of both the company's sterling and euro shares.
Adds that investment vehicle management fee has been reduced to 0.9% per year of net asset value from 1.0%, effective May 1.
"We are pleased to announce these changes to the company's distribution policy and management fees, which were taken after extensive consultation with the Investment vehicle manager. The dividend target has been placed at a level approaching that which prevailed before the onset of the Covid-19 pandemic, which caused significant volatility across European credit markets. Today's announcement demonstrates how strongly the company has responded since Q2 2020 and is reflective of our positive outlook moving forward," says Chair Richard Boleat.
Current stock price: 101.00 pence
Year-to-date change: up 6.5%
By Lucy Heming;Â [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
CCPG.L