Increase in Annual Dividend Targets
5 February 2024
CVC Income & Growth Limited (the “Company”)
(a closed-ended investment company incorporated in Jersey with registration number 112635)
Registered Office: IFC 1, The Esplanade, St Helier, Jersey, JE1 4BP
Increase in Annual Dividend Targets
The information contained within this announcement constitutes inside information.
Further to the Company’s announcement made on 7 March 2023, the Board of Directors has completed its periodic review of the Company’s annual dividend targets. As a consequence, the Company’s annual dividend targets are being increased to 8.25p per ordinary Sterling Share and 7.25c per ordinary Euro Share with immediate effect. This means that the Company’s quarterly dividends will be increased to 2.0625p per Sterling Share and 1.8125c per Euro Share, including the Company’s first quarter 2024 dividends, payable in the second quarter of 2024.
The Chairman of the Company, Richard Boléat, commented: “The Board of Directors continues to give detailed consideration, not only to the current cash yield of the Investment Vehicle’s underlying portfolio by principal reference to its weighted average coupon, but also to market expectations around future trends in default rates and the direction of risk-free rates in the Company’s chosen markets, given the Company’s predominantly floating rate exposure. The Board is mindful that shareholders expect changes to dividend targets to be made on a sustainable basis, and thus, in the absence of significant and relevant unexpected macroeconomic or geopolitical events, the Company’s annual dividend targets will not be changed for at least the next 12 months.”
Mr Boléat added “The Board of Directors also wishes to reconfirm that, in the event that the Investment Vehicle portfolio produces surplus cash income beyond that currently anticipated, an upwards only adjustment will, if appropriate, be made to the Company’s fourth quarter 2024 dividends payable in the first quarter of 2025, in a manner similar to that recently announced in respect of the fourth quarter of 2023. There should be no expectation as to the level of any such adjustments or indeed whether such adjustments will arise at all.”
The person responsible for arranging for the release of this announcement on behalf of the Company is Sharon A Williams of BNP Paribas S.A., Jersey Branch, Company Secretary.
Enquiries:
CVC Income & Growth Limited: 44 (0)1534 625 522
Richard Boléat
BNP Paribas S.A., Jersey Branch: cvccpeolcosec@bnpparibas.com
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