26 Oct 2017 16:42
Artemis VCT plc (the 'Company')
Dividend Declaration
The Board of Directors of the Company has decided to pay a further special dividend of 6.00 pence per share for the financial year to 30 September 2017. The declaration of this dividend at this time is as a result of the Investment Manager realising further profits from the investment portfolio and generating cash from these sales. It remains the case that there are limited suitable opportunities to reinvest these funds and, as there are technical constraints for VCT companies holding cash, it is the Board's decision to return these funds to shareholders earlier than equivalent dividends in prior years.
In view of the decision to pay a further special dividend, and taking into account the cost and process for doing so, the Board has also decided to pay a second interim dividend of 2.00 pence per share. This second interim will be in lieu of a final dividend.
These dividends will be paid on 21 November 2017 to those shareholders on the register on 3 November 2017, with an ex-dividend date of 2 November 2017. This results in total dividends for the year of 20.00 pence per share.
It is the Board's view that new investments will continue to take priority over special dividends should suitable investment opportunities arise, however, should the Company be in a similar position in the future, having generated significant cash balances, the Board will again consider whether these funds should be returned to shareholders.
For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
Telephone: 0131 225 7300
26 October 2017