BMO UK High Income Trust PLC Dividend and Capital Repayment (9171Z)
24 September 2020 - 12:43AM
UK Regulatory
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RNS Number : 9171Z
BMO UK High Income Trust PLC
23 September 2020
To: RNS
From: BMO UK High Income Trust PLC
Date: 23 September 2020
LEI: 213800B7D5D7RVZZPV45
Dividend and Capital Repayment
The Board of BMO UK High Income Trust PLC announces a second
quarter dividend in respect of the financial year to 31 March 2021
of 1.29 pence per Ordinary share. This dividend will be paid on 6
November 2020 to Ordinary shareholders on the register on 2 October
2020.
A first quarter capital repayment of 1.29 pence per B share will
be paid on 6 November 2020 to B shareholders on the register on 2
October 2020. Capital repayments on B shares are paid at the same
time and in an amount equal to each dividend paid on an Ordinary
share.
This represents an unchanged dividend / capital repayment from
the second quarter of the prior financial year to 31 March
2020.
As referenced when the first dividend and capital repayment was
announced in June; as a consequence of COVD-19 many companies
(including a number of those held within the Company's investment
portfolio) chose to cancel, delay or significantly reduce the
dividend payments they make to shareholders. Furthermore, there
remains a low level of visibility as to when companies may be in a
position to commence paying dividends once more and at what level
they may choose to do so. This position will become clearer as the
financial year progresses.
At 31 March 2020, the Company had a revenue reserve of
approximately 5.7p per Ordinary share, equivalent to 109% of the
total annual dividend of 5.21p per Ordinary share paid in respect
of the year to 31 March 2020. It is probable that the Company's
dividend payments for the current financial year will not be
covered by net revenue earned and this revenue reserve can and will
be used to supplement revenue earnings in the current period.
The normal pattern for the Company is to pay four quarterly
interim distributions per financial year.
At this stage and in the absence of unforeseen circumstances,
the Company currently intends that the first three quarterly
distributions will each be 1.29 pence per share and that the
aggregate distribution for the financial year to 31 March 2021 will
be at least 5.21 pence per share (Financial year to 31 March 2020:
5.21 pence per share).
Based on these intended distributions, the dividend yield on an
Ordinary share was 6.6 per cent based on the Ordinary share price
of 79.5 pence as at 22 September 2020, and the distribution yield
on a B share was 6.6 per cent based on the B share price of 79.5
pence on the same date. These yields compare favourably with the
yield on the FTSE All-Share Index of 4.7 per cent at the same date.
For those shareholders that hold units (each comprising three
Ordinary shares and one B share) the distribution yield on this
unit holding was 6.6 per cent based on a unit price of 318 pence as
at 22 September 2020.
Enquiries:
Philip Webster, Fund Manager
BMO Investment Business Limited
Tel: 0207 628 8000
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END
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