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Project Finance hikes annualised divi target by 25%

02 March 2016 07:46

Project Finance Investments Ltd said, following its IPO in 2015 and against a backdrop of investor concerns over the sustainability of UK equity income, directors have hike the company's stated annualised dividend target by 25% for the period to Dec. 31 2016.

As set out in the prospectus published on 29 September 2015, the Company was targeting an annualised dividend yield of 4% (on the IPO issue price of 100p per share) in the financial period from IPO to 31 December 2016.

The annualised dividend target for the Company's first financial period has been restated upwards by the Board to 5%.

Further, the prospectus envisaged the Company paying its first dividend in August 2016. The Company will bring forward this payment to May 2016.

The increase to the initial dividend target and acceleration to its payment has resulted from the Investment Manager having deployed the majority of the net proceeds of IPO expeditiously and at attractive rates. As at the date of this announcement c.75% of the net proceeds of IPO have been committed for investment.

The dividend target in respect of the financial year ended 31 December 2017 is 6%, with a target IRR of between 7% and 8% (on the IPO issue price) over the long term.

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Related Company: PROJ

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