23 Mar 2021 17:26
To: RNS
From: BMO UK High Income Trust PLC
Date: 23 March 2021
LEI: 213800B7D5D7RVZZPV45
Dividend and Capital Repayment
The Board of BMO UK High Income Trust PLC announces a fourth quarter dividend in respect of the financial year to 31 March 2021 of 1.43 pence per Ordinary share. This dividend will be paid on 7 May 2021 to Ordinary shareholders on the register on 6 April 2021.
A fourth quarter capital repayment of 1.43 pence per B share will be paid on 7 May 2021 to B shareholders on the register on 6 April 2021. Capital repayments on B shares are paid at the same time and in an amount equal to each dividend paid on an Ordinary share.
For the financial year to 31 March 2021, total dividends / capital repayments have increased by 1.7% to 5.3 pence per share (Financial year to 31 March 2020: 5.21 pence per share).
As referenced when the first three quarterly dividends and capital repayments were announced; 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. 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. The Company's dividend payments for the current financial year will not be fully covered by net revenue earned and this revenue reserve will be used to supplement revenue earnings in the current financial year.
Based on these distributions, the dividend yield on an Ordinary share was 5.8 per cent based on the Ordinary share price of 91.5 pence as at 22 March 2021, and the distribution yield on a B share was 5.8 per cent based on the B share price of 91.5 pence on the same date. These yields compare favourably with the yield on the FTSE All-Share Index of 2.9 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 5.9 per cent based on a unit price of 361 pence as at 22 March 2021.
Enquiries:
Philip Webster, Fund Manager
BMO Investment Business Limited
Tel: 0207 628 8000