27 May 2015 07:00
Chenavari Capital Solutions Limited (the Company)
27 May 2015
Target returns and dividend policy
The Company's fact sheet to 30 April 2015 contains the following update in relation to the Company's target return and the dividend policy:
"As a result of a widespread reduction in the returns available from the credit asset class since it was launched, the Company now expects to target a NAV total net return to investors of 8-10% per annum and to minimise cash drag to less than 10% of NAV.
The Company declared a dividend of 1.20 pence per share during the month, which will be paid during the course of May. The Company has realised a lower than expected dividend yield due to the high levels of cash and its dividend policy considering capital gains and losses. The Company has now reached a higher level of invested capital (over 90%), and has reviewed its dividend policy to separate revenue and capital, such that future dividend payments will be based on realised and accrued revenue items only, and so expects to pay quarterly dividends of at least 2 pence per share for the next two quarters.
Further information will be included in the interim report which is due to be published later this week."
The latest fact sheet in relation to the Company is available at:
http://www.chenavaricapitalsolutions.com/documents/
Enquiries:
Kirstie McLaren
Chenavari Credit Partners LLP
Email: Investor-relations@chenavari.com
Telephone: +44 20 7259 3600