AIF.L Regulatory News (AIF)

Acorn Income Fund - Dividend Announcement

PR Newswire

London, February 24

ACORN INCOME FUND LIMITED (a closed-ended investment company incorporated in Guernsey with registration number 34778)LEI 213800UAZN7G46AHQM67 

25 February 2021

Acorn Income Fund Limited

Dividend Announcement

The Directors are pleased to declare a first interim dividend for the year ending 31 December 2021 of 5.75p per Ordinary Share which is in line with the corresponding dividend for the year ended 31 December 2020. 

As previously announced at the time of the fourth interim dividend for the year ending 31 December 2020, the income from your Company's investment portfolio has inevitably been adversely hit by dividend cuts as our investee companies seek to manage their businesses in these extraordinary times.

It is the Directors' current intention to utilise revenue reserves to maintain the first and second quarterly dividend payments at the same level as the corresponding quarterly dividends for the year ending 31 December 2020. The Company currently has £1.954m of revenue reserves equivalent to 12.36 pence per share.

Although our projections do show a recovery in the Company’s revenues for 2021, the Directors believe that it is likely that a return to a sustainable and covered dividend will necessitate a lower dividend payment in future years. Noting the Company is scheduled to hold a discontinuation vote at the AGM in August this year, and that the ZDPs come to the end of their life in early 2022, the Directors aim to report to shareholders ahead of the AGM with an updated view on future dividend policy.

Ex-Dividend Date 11 March 2021Record Date 12 March 2021Payment Date 31 March 2021Dividend per Share 5.75 pence per Ordinary Share (Sterling)

For information please contact:

Northern Trust International Fund Administration Services (Guernsey) LimitedCompany Secretary +44 (0) 1481 745498

Premier Miton InvestmentsClaire Long + 44 (0) 1483 400463