4th Mar 2016 09:24
LONDON (Alliance News) - P2P Global Investments PLC on Friday outlined the tools it has to manage the discount at which the company's shares trade to net asset value.
"In the first instance, the company's board and investment manager believe the best defence against the share price trading at a discount to NAV is an attractive dividend paid quarterly driven from the pursuit of attractive risk adjusted returns in loans and equity," P2P said.
Other tools include a dividend reinvestment plan and the company's authority to repurchase up to 14.99% of its shares in issue.
"With regard to repurchasing shares, board may use its discretion during periods of market dislocation to opportunistically buyback shares for its treasury account where it believes such a purchase would be accretive over and above the long term attractions of investing in its loan and equity portfolios and it is in the best long term interest of all shareholders to do so," P2P said.
Shares in P2P were up 0.4% at 905.50 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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