27 January 2025
CVC Income & Growth
Limited
DIVIDEND DECLARATION &
ANNUAL DIVIDEND TARGET '25 (Replacement)
The following amendment has been
made to the announcement released on 24 January 2025 at 12:53hrs
(RNS No. 6613U). In the second paragraph, the quarterly
interim dividend per ordinary Euro share has been corrected from
2.486c to 2.0486c. All other details remain unchanged. The
full amended text is shown below.
Dividend Declaration
and
Annual Dividend Targets for
financial year 2025
The information contained within this
announcement constitutes inside information.
The Board of Directors of the
Company has declared a quarterly interim dividend of 3.3038p per
ordinary Sterling Share and 2.0486c per ordinary Euro
Share.
These amounts reflect an uplift to
the previously indicated quarterly dividend of 2.0625p per Sterling
ordinary share and 1.8125c per Euro ordinary share announced by the
Company on 30 January 2024.
The ex-dividend date will be 6
February 2025, with the dividends payable on 28 February
2025.
The Board of Directors, in
conjunction with the Investment Vehicle Manager, has also completed
its periodic review of the Company's annual dividend targets. As a
consequence, the Company's annual dividend targets are 9.25p per
ordinary Sterling Share (an increase of 1p above 2024) and 7.25c
per ordinary Euro Share (unchanged from 2024) with from the first
2025 quarterly interim dividend. This means that the Company's
quarterly dividends will be 2.3125p per Sterling Share and 1.8125c
per Euro Share, including the Company's first quarter 2025
dividends, payable in the second quarter of 2025.
The Chairman of the Company, Robert
Kirkby commented: "The Board
of Directors continues to give detailed consideration, not only to
the current cash yield of the Investment Vehicle's underlying
portfolio by principal reference to its weighted average coupon,
but also to market conditions including future trends in default
rates and the direction of risk-free rates in the Investment
Vehicle's chosen markets, given the Investment Vehicle's
predominantly floating rate exposure. The Board is mindful that
shareholders expect changes to dividend targets to be made on a
sustainable basis, and thus, in the absence of significant and
relevant unexpected macroeconomic or geopolitical events, the
Company's annual dividend targets should not be changed for at
least the next 12 months."
Mr Kirkby added "The Board of Directors also wishes to
reconfirm that, in the event that the Investment Vehicle portfolio
produces surplus cash income beyond that currently anticipated, an
upwards only adjustment will, if appropriate, be made to the
Company's fourth quarter 2025 dividends payable in the first
quarter of 2026, in a manner similar to that recently announced in
respect of the fourth quarter of 2024. There should be no
expectation as to the level of any such adjustments or indeed
whether such adjustments will arise at all."
The person responsible for arranging
for the release of this announcement on behalf of the Company is
Sharon A Williams of BNP Paribas S.A., Jersey Branch, Company
Secretary.
Enquiries:
CVC
Income & Growth Limited:
+44 (0)1534 815200
Robert Kirkby
BNP
Paribas S.A., Jersey
Branch:
cvcpeolcosec@bnpparibas.com
