REG - RiverFort Global Opp - Dividend Declaration

Riverfort Global OpportunitiesAnnouncement

02/11/2020 07:05

RNS Number : 8496D
  
RiverFort Global Opportunities PLC
  
02 November 2020
  
 

 
2 November 2020
RiverFort Global Opportunities PLC
("RGO" or the "Company")
Dividend declaration targeting a 7.5% gross yield
Background to dividend policy
On 22 September 2020, RGO published its interim results for the six months to 30 June 2020.  For this six month period, the Company generated total income of £770,380 and a net profit of £569,165.  This was the Company's third consecutive set of full year/interim results delivering an attractive level of income and profitability thereby clearly validating the Company's investment strategy adopted in 2018 which has enabled the Company to generate income, trade profitability and grow its net asset value.  In addition, we believe that Q3 2020 will be another profitable quarter.
 
We have also consistently said that we are very much focused on creating value for our shareholders whether that be through capital growth and/or the payment of dividends. As a result, against this background of sustained profitability, the Board has decided to commence the payment of dividends.  
 
We have considered this step carefully and we believe that the Company is now well-positioned to improve the return for its shareholders, whilst still maintaining significant capacity to deploy capital in its investment strategy. 
 
Dividend declaration
 
We are targeting a 7.5% gross yield for the financial year ending 31 December 2020, based on the Company's current market capitalisation, commencing with the payment of a gross interim dividend of 0.02 pence per share.  Any final dividend and any potential dividend in future financial years will clearly be subject to the Company's financial performance going forward, however, we envisage that the total dividend would be split approximately one third interim and two thirds final. Furthermore, the expected total dividend for 2020, is already covered by the Company's earnings for the first six months of 2020.
 
The record date for this interim dividend will be Friday 13 November 2020, with the payment date expected to be Friday 4 December 2020. The Company's shares will become ex dividend on Thursday 12 November 2020.
Phillip Haydn-Slater, Non-executive Chairman commented: 
"This is a very significant step in the continued progression of the Company.  We hope that shareholders will be happy with the progress that the Company has made to date and we look forward to welcoming new investors seeking income as well as capital appreciation from their investments." 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 
For more information please contact: 




RiverFort Global Opportunities plc


 


+44 20 3368 8978




Philip Haydn-Slater, Non-executive Chairman


 


 




Nicholas Lee, Investment Director


 


 




 


 


 




Nominated Adviser


 


+44 20 7628 3396 




Beaumont Cornish 


 


 




Roland Cornish/Felicity Geidt 


 


 




 


 


 




Joint Broker


 


+44 20 7186 9950 




Shard Capital Partners LLP


 


 




Damon Heath/ Erik Woolgar


 


 




 


 


 




Joint Broker


 


+44 20 7562 3351 




Peterhouse Capital Limited


 


 




Lucy Williams


 


 




 

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