10th Aug 2015 06:54
LONDON (Alliance News) - Industrial Multi Property Trust PLC on Monday said it is planning a refinancing late in 2016 in order to improve its prospects and to allow it to meet its goal of paying a sustainable dividend.
The trust, which also had refinanced back in December 2013, said it thinks its current share price, at a 76% discount to its net asset value on March 31, reflects its high gearing and lack of a dividend under its current capital structure, rather than the quality of its portfolio.
As a result, it says it intends to attempt a refinancing in the fourth quarter of 2016 which would move it to a capital structure which would allow it to start paying a sustainable dividend.
It said it is difficult to forecast what conditions in the market will be like in the fourth quarter of 2016 and said that should the refinancing plan fail, it will consider alternative options for improving shareholder value.
By Sam Unsted; [email protected]; @SamUAtAlliance
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