23rd Jul 2020 07:00
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION, OR TO ANY PERSONS, WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW.
23 July 2020
Marble Point Loan Financing Limited
Reinstatement of Quarterly Dividend and Dividend Declaration
The Board of Directors of Marble Point Loan Financing Limited (the "Company") are pleased to announce the reinstatement of quarterly dividend payments and the declaration of a dividend of $0.02 per ordinary share.
On 8 April, 2020, the Company announced the temporary suspension of the declaration of dividends in the wake of the unprecedented global economic disruption and significant near-term uncertainties caused by the outbreak of the COVID-19 pandemic. The Board and the Investment Manager believed that preserving liquidity was an appropriate and prudent action at the time, given the uncertainty of cash flows expected to be received in April 2020. Prior to the temporary suspension of dividends in April, the Company had paid dividends totaling $0.1554 per share since its listing in February 2018.
As announced in previous MPLF monthly reports, none of the Marble Point CLOs were required to divert cash available for distribution in April. Active management of the underlying CLO portfolios drove the receipt of full cash distributions despite an accelerating pace of loan downgrades during March and April. Furthermore, the Investment Manager expects that all of the CLOs in which the Company has an investment will make equity distributions in July 2020.
The Board and Investment Manager have monitored the performance of the Company's investments and have carefully considered appropriate options. The Board and Investment Manager recognise the importance of dividends to shareholders, including reinstating a regular dividend plan. At the same time, the Board recognise the difficulty of predicting the full impact of the pandemic. Risks of higher than modeled default rates or downgrades triggering provisions of CLO indentures may impact the magnitude of near-term cash flows. Accordingly, the Board and Investment Manager believe reinstating a quarterly dividend of $0.02 is appropriate, enabling the Company to distribute meaningful cash flow to shareholders while prudently preserving liquidity for other future purposes, including new investments.
The current dividend will be payable to the Company's shareholders of record as detailed below:
Dividend: | $0.02 per ordinary share |
Ex-Dividend Date: | 30 July 2020 |
Record Date: | 31 July 2020 |
Final Currency Election Date: | 3 August 2020 |
Payment Date: | 21 August 2020 |
The Company declares its cash dividends in U.S. Dollars. Shareholders will, by default, receive their cash dividends in U.S. Dollars. However, the Company has arranged for shareholders to be able to elect to receive cash dividends in Sterling rather than U.S. Dollars. Shareholders who have made an election to receive the dividend in Sterling by the above-referenced Final Currency Election Date will receive the dividend at the prevailing rate at time of currency conversion (as determined by the Company's registrar). No action is required of shareholders who have previously made a dividend currency election or who wish to receive their dividend in U.S. Dollars. The Sterling Dividend Election Information regarding the dividend currency election and Dividend Currency Election Form are available on the Company's website: www.mplflimited.com/investor-relations.
Past performance is not indicative, or a guarantee, of future performance.
This release contains inside information.
ENQUIRIES
Marble Point Loan Financing Limited Investor Relations Tel.: +44 (0) 20 7259 1500 Email: [email protected]
Corporate Broker Stifel Nicolaus Europe Limited T: +44 (0) 20 7710 7600
Financial Public Relations: Charlie Barker / Catherine Chapman MHP Communications T: +44 (0) 20 3128 8100
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ABOUT MARBLE POINT LOAN FINANCING LIMITED
Marble Point Loan Financing Limited (the "Company") is a Guernsey closed-ended investment company with its ordinary shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange (tickers: MPLF LN / MPLS LN). The Company is invested in a diversified portfolio of US dollar denominated, broadly syndicated floating rate senior secured corporate loans via CLOs, loan accumulation facilities and other vehicles managed by Marble Point Credit Management LLC or its affiliates. For more information, please visit the Company's website: www.mplflimited.com.
LEI: 549300DWXSN5UC85CL26
IMPORTANT INFORMATION
This document is provided for informational purposes only and does not constitute an offer to sell any shares, notes or other securities (collectively, "Securities") issued by the Company or a solicitation of an offer to purchase any such Securities in the United States, Australia, Canada, the Republic of South Africa, Japan or any other jurisdiction. This document may not be relied upon, and should not be used, for the purpose of making any investment decision. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold in the United States to, or for the account or benefit of, U.S. persons unless they are registered under applicable law or exempt from registration. The Company has not been and will not be registered under the U.S. Investment Company Act of 1940 and investors will not be entitled to the benefits of such Act.
Past performance is not a reliable indicator of current of future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital.
Related Shares:
MPLF.L