REG - International PPL - 2023 Second Half-Year Dividend

International Public PartnershipsAnnouncement

28/03/2024 07:15

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RNS Number : 6680I  International Public Partnerships  28 March 2024

28 March 2024

2023 Second Half-Year Dividend

 

The Board of International Public Partnerships Limited ('INPP', 'the
Company'), the FTSE 250 listed infrastructure investment company, declares the
following distribution:

 

 Distribution paid in respect of the period:  1 July 2023 - 31 December 2023
 Distribution amount per share:               4.07 pence
 Ex-dividend date:                            11 April 2024
 Dividend record date:                        12 April 2024
 Payment date/Allotment of scrip:             13 June 2024
 Scrip Alternative in operation:              No. Please see further information below.

 

Acknowledging the recent higher levels of inflation, the Company decided to
increase its 2023 dividend to 8.13 pence per share, representing a 5% increase
compared to the 2022 dividend. The dividend in respect of the six months to 31
December 2023 of 4.07 pence per share is expected to be paid on 13 June 2024.

 

2024 and 2025 Full Year Distributions

Inflation remained elevated during 2023 and although it has now moderated, the
Board has decided to increase the 2024 dividend target to 8.37 pence per share
reflecting growth of 3% (previously 2.5%) compared to the 2023 dividend. The
increase in the target dividend for 2024 takes into account the Company's
ambitions to sustainably grow dividends over the long term, whilst providing
full dividend cash coverage from net operating cash flow before capital
activity.

 

Beyond 2024, the Board is forecasting to continue its long-term projected
annual dividend growth rate of 2.5% such that the 2025 dividend target is 8.58
pence per share.

 

Scrip Dividend Alternative

As at 27 March 2024, the Company's shares were trading at 125.6 pence per
share, which is lower than the last published Net Asset Value ('NAV') of 152.6
pence per share as at 31 December 2023. Accordingly, the Board does not
consider it to be in the best interests of shareholders to offer a scrip
dividend alternative on this occasion. All shareholders entitled to receive a
dividend of 4.07 pence per share on the record date (12 April 2024) will
receive their dividend in cash.

 

Note: The above distribution guidance is provided by the Company in
consultation with its Investment Adviser as a target only and is not a profit
forecast. There can be no assurance that this target will be met or that the
Company will make any distributions whatsoever. The times and dates in this
announcement are expected times and dates only and are subject to change. The
Board will continue to review whether scrip dividends are appropriate for
future dividends. Any such changes will be notified to shareholders through a
regulatory information service.

 

For further information:

 

 Erica Sibree                        +44 (0) 7557 676 499

 Amber Fund Management Limited

 

About International Public Partnerships ('INPP'):

INPP is a listed infrastructure investment company that invests in global
public infrastructure projects and businesses, which meets societal and
environmental needs, both now, and into the future.

 

INPP is a responsible, long-term investor in over 140 infrastructure projects
and businesses. The portfolio consists of utility and transmission, transport,
education, health, justice and digital infrastructure projects and businesses,
in the UK, Europe, Australia, New Zealand and North America. INPP seeks to
provide its shareholders with both a long-term yield and capital growth.

 

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and
consists of over 180 staff who are responsible for the management of, advice
on and origination of infrastructure investments.

 

Visit the INPP website at www.internationalpublicpartnerships.com
(http://www.internationalpublicpartnerships.com) for more information.

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