26th Nov 2013 10:14
LONDON (Alliance News) - JP Morgan European Smaller Companies Trust PLC Tuesday declared a flat interim dividend of 6 pence a share, even though it significantly outperformed its benchmark in the six months to end-September.
The trust produced a total return on net assets of 17.4%, significantly outperforming the benchmark index, the Euromoney Smaller European Companies (ex UK) Index in sterling terms by 4.3%.
"As detailed in my Chairman's Statement for the year ended 31st March 2013, the board's dividend policy is to pay out the vast majority of revenue available each year. However, shareholders are reminded that the Company's objective is to achieve capital growth and management of the portfolio is not constrained to deliver income in any one period," Carolan Dobson said in a statement.
The trust's shares were down 0.5% at 1,083.51 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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