(Alliance News) - JPMorgan Chinese Investment Trust PLC on Tuesday said its shareholders on Monday have approved changes to its dividend policy and name.
Back in December, the investment company aimed to set a target dividend, equivalent to 4% of its NAV, on the last business day of the financial year.
The target dividend will be announced at the start of each financial year to provide clarity to shareholders over the income stream they can expect during the following 12 months. The dividend is expected to be paid in four equal interim distributions on the first business day in March, September, June and December.
On Tuesday, the company said it will implement the revised dividend policy with effect from April. Thus, two quarterly distributions for the six-month period to the end of September will be paid on June 1 and September 1, based on the company's net asset value at close of business on March 31.
In addition, JPMorgan Chinese Investment Trust said its shareholders have approved a name change to JPMorgan China Growth & Income PLC.
The stock closed 6.4% higher in London on Tuesday at 355.46 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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