Octopus Renewables - Dividend Declaration
31/01/2023 07:00
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RNS Number : 3305O Octopus Renewables Infra Trust PLC 31 January 2023
31 January 2023
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Dividend Declaration
The Board of Octopus Renewables Infrastructure Trust plc is pleased to declare
an interim dividend in respect of the period from 1 October 2022 to 31
December 2022 of 1.31 pence per ordinary share, payable on 24 February 2023 to
shareholders on the register at 10 February 2023 (the "Q4 2022 Dividend"). The
ex-dividend date will be 9 February 2023.
The Q4 2022 Dividend is the fourth of four equal dividends totalling 5.24
pence per ordinary share for the financial year to 31 December 2022 ("FY
2022"), meeting the Company's FY 2022 dividend target in full. This dividend
is fully covered by cashflows arising from the Company's operating assets.
As detailed in the Company's prospectus dated 10 June 2021 (the "Prospectus"),
a portion of the Company's dividends will be designated as an interest
distribution for UK tax purposes. The interest streaming percentage for the Q4
2022 Dividend is 51.2%.
As announced on 20 January 2023 and in line with the Company's progressive
dividend policy, for the financial year from 1 January 2023 to 31 December
2023 ("FY 2023"), the Company is targeting a dividend of 5.79p per ordinary
share*. This increase of 10.5% over FY 2022's dividend target is in line with
the increase to the Consumer Price Index (CPI) for the 12 months to 31
December 2022, and marks the second consecutive year the Company has increased
its dividend target in line with inflation. For FY 2023, the Company has
elected to increase the target in line with CPI, rather than the lower CPIH.
The FY 2023 dividend target is expected to be fully covered by cashflows
generated from the Company's operating portfolios.
For further information please contact:
Octopus Energy Generation (Investment Manager) Via Buchanan
Matt Setchell, Chris Gaydon, David Bird
Peel Hunt (Broker) 020 7418 8900
Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)
Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris, Michael Bateman (Sales)
Buchanan (Financial PR) 020 7466 5000
Charles Ryland, Hannah Ratcliff, George Beale
Apex Listed Companies Services (UK) Limited (Company Secretary) 020 3327 9720
*The dividend and return targets stated in this announcement are targets only
and not profit forecasts. There can be no assurance that these targets will be
met, or that the Company will make any distributions at all and they should
not be taken as an indication of the Company's expected future results. The
Company's actual returns will depend upon a number of factors, including but
not limited to the Company's net income and level of ongoing charges.
Accordingly, potential investors should not place any reliance on these
targets and should decide for themselves whether or not the target dividend
and target net total shareholder return are reasonable or achievable.
Investors should note that references in this announcement to "dividends" and
"distributions" are intended to cover both dividend income and income which is
designated as an interest distribution for UK tax purposes and therefore
subject to the interest streaming regime applicable to investment trusts.
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed end investment company
incorporated in England and Wales focused on providing investors with an
attractive and sustainable level of income returns, with an element of capital
growth, by investing in a diversified portfolio of renewable energy assets in
Europe and Australia.
Further details can be found at www.octopusrenewablesinfrastructure.com
(http://www.octopusrenewablesinfrastructure.com/)
About Octopus Energy Generation
Octopus Energy Generation ("OEGEN") is driving the renewable energy agenda by
building green power for the future. Its London-based, leading specialist
renewable energy fund management team invests in renewable energy assets and
broader projects helping the energy transition, across operational,
construction and development stages. The team was set up in 2010 based on the
belief that investors can play a vital role in accelerating the shift to a
future powered by renewable energy. It has a 12-year track record with
approximately £5.4 billion of assets under management (AUM) (as of 30
September 2022) across 11 countries and total 3.2GW. These renewable projects
generate enough green energy to power 2 million homes every year, the
equivalent of taking over 800,000 petrol cars off the road. Octopus Energy
Generation is the trading name of Octopus Renewables
Limited.
Further details can be found at www.octopusenergygeneration.com
(http://www.octopusenergygeneration.com/)
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