REG - Town Centre Secs. - Dividend update and special dividend

Town Centre SecuritiesAnnouncement

08/05/2024 07:00

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RNS Number : 5036N  Town Centre Securities PLC  08 May 2024

This announcement contains inside information

 

Town Centre Securities PLC

('TCS' or 'The Company')

Interim dividend update and announcement of a further special interim dividend

 

The Company announces both an update to the interim dividend announced within
it's half year results for the six months ended 31 December 2023 and a further
special interim dividend to be declared and paid before 30 June 2024.

 

The Company left the REIT regime with effect from 1 July 2023 but is still
required to pay 90% of the tax exempt profits arising from it's property
rental business during the year to 30 June 2023. This payment is required to
be paid prior to 1 July 2024.

 

The interim dividend of 2.5 pence per ordinary share announced with the half
year results of the Company for the six months ended 31 December 2023, which
were published on 20 March 2024, will now be paid out as a Property Income
Distribution ('PID') as opposed to an Ordinary Dividend. This 2.5 pence per
ordinary share distribution will still be paid out on 14 June 2024 to
shareholders on the register on 24 May 2024.

 

In addition, the Company is proposing to pay a further special interim
dividend of 6 pence per ordinary share which will satisfy the 90% profits
requirement detailed above for the year to 30 June 2023. This special interim
dividend, based on the shares in issue at 7 May 2024, amounts to £2.53m and
will be paid out of existing cash resources. This special interim dividend
will also be paid out as a PID on 14 June 2024 to shareholders on the register
on 24 May 2024. This special interim dividend is a one-off payment and will be
the last PID paid out by the Company in accordance with the REIT regime
requirements.

 

Following these two distributions, the Company is unlikely to pay a final
dividend for the year ended 30 June 2024. For the year ending 30 June 2025 and
onwards the Company expects to return to paying regular dividends every six
months, with the next payment expected to be the interim dividend to be
announced in March 2025. These future dividends will be Ordinary Dividends and
will be broadly split across two equal payments each year. This dividend
policy will not have a fixed payout ratio. The Board will continue to
regularly review capital allocations to optimise long‐term returns for
Shareholders and, in addition to paying regular Ordinary Dividends, will also
explore other options for returning cash to Shareholders where appropriate.

 

 

 

ENDS

 

For further information, please contact:

 

Town Centre Securities PLC
 
  www.tcs-plc.co.uk (http://www.tcs-plc.co.uk/) / @TCS PLC

Edward Ziff, Chairman and Chief Executive
 
           0113 222 1234

Stewart MacNeill, Group Finance Director

 

 

MHP
Communications                                                                                                             020
3128 8100

Reg Hoare / Matthew Taylor
 
          tcs@mhpgroup.com (mailto:tcs@mhpgroup.com)

 

 

Notes to Editors:

Town Centre Securities PLC (TCS) is a Leeds, Manchester, Glasgow and London
based property investment and car parking operator with assets of £300m. With
more than 60 years' experience, a commitment to sustainable development and a
reputation for quality and innovation, TCS create mixed use developments close
to transport hubs in major cities across the UK.

 

For more information visit www.tcs-plc.co.uk (https://www.tcs-plc.co.uk)

 

 

 

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