REG - CVC Income & Growth CVC Inc& Grwth-CVCG - Dividend Declaration & Annual Dividend target '25

CVC Income & GrowthAnnouncement

24/01/2025 13:00

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RNS Number : 6613U  CVC Income & Growth Limited  24 January 2025

 

 

 

24 January 2025

 

 

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

 

Dividend Declaration and

Annual Dividend Targets for financial year 2025

 

The information contained within this announcement constitutes inside
information.

The Board of Directors of the Company has declared a quarterly interim
dividend of 3.3038p per ordinary Sterling Share and 2.486c per ordinary Euro
Share.

 

These amounts reflect an uplift to the previously indicated quarterly dividend
of 2.0625p per Sterling ordinary share and 1.8125c per Euro ordinary share
announced by the Company on 30 January 2024.

 

The ex-dividend date will be 6 February 2025, with the dividends payable on 28
February 2025.

 

The Board of Directors, in conjunction with the Investment Vehicle Manager,
has also completed its periodic review of the Company's annual dividend
targets. As a consequence, the Company's annual dividend targets are 9.25p per
ordinary Sterling Share (an increase of 1p above 2024) and 7.25c per ordinary
Euro Share (unchanged from 2024) with from the first 2025 quarterly interim
dividend. This means that the Company's quarterly dividends will be 2.3125p
per Sterling Share and 1.8125c per Euro Share, including the Company's first
quarter 2025 dividends, payable in the second quarter of 2025.

The Chairman of the Company, Robert Kirkby 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 conditions including future trends
in default rates and the direction of risk-free rates in the Investment
Vehicle's chosen markets, given the Investment Vehicle'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 should not be changed for at
least the next 12 months."

 

Mr Kirkby 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 2025 dividends payable in
the first quarter of 2026, in a manner similar to that recently announced in
respect of the fourth quarter of 2024. 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 815200

Robert Kirkby

 

BNP Paribas S.A., Jersey
Branch:
cvcpeolcosec@bnpparibas.com (mailto:cvcpeolcosec@bnpparibas.com)

 

 

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