23rd Jun 2022 14:54
Rockwood Strategic PLC - London-based investor in smaller UK public companies formerly known as Rockwood Realisation PLC - Beats its benchmark in the financial year ended March 31, but pays no dividend in foreseeable future. Net asset value total return performance in the year 28% to 1,613.8 pence per share, higher than its benchmark at 3.2% total return. Rockwood's benchmark is the FTSE Small Cap (excluding investment trusts). Net asset value climbs to 1,613.8 pence per share from 1,512.8p a year ago.
Firm will not pay a dividend. "Until the company has gained greater scale, it will not reinstate the dividend policy and instead use the capital to compound NAV growth. Our shareholders do have a range of views on this matter. We will continue to listen to them as well as prospective shareholders and act accordingly," it explains.
Regarding its outlook, firm expects "market conditions during the rest of 2022 to be particularly advantageous for making investments as on-going turbulence and market weakness provides opportunities for our medium-term investment time horizon."
Chair Noel Lamb says: "Rockwood Strategic faces an exciting future. The company now has a more appropriately sized cost base, it will ensure tax efficiency shortly, it has an outstanding and experienced manager to drive shareholder value, and a differentiated investment strategy which we expect to deliver attractive returns over the years ahead."
Current stock price: 1,350.10 pence, down 1.5% on Thursday
12-month change: down 12%
By Tom Budszus; [email protected]
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