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24 Mar 2022 07:01
24 March 2022
2021 Second Half-Year Dividend
The Board of International Public Partnerships Limited ('INPP', 'the Company'), the FTSE 250 listed infrastructure investment company, declares a distribution covering the period:
Distribution period: | 1 July 2021 - 31 December 2021 |
Distribution amount per share: | 3.77 pence |
Ex-dividend date: | 7 April 2022 |
Dividend record date: | 8 April 2022 |
Circulation of Scrip Election Forms and Circular: | 26 April 2022 |
Last date to elect/revoke elections: | 13 May 2022 |
Payment date/Allotment of scrip: | 7 June 2022 |
Scrip Alternative in operation: | Yes (subject to the average of the middle market prices of the Company's Shares derived from the Daily Official List of the London Stock Exchange for the Ex-Dividend Date and the four subsequent dealing days being at a premium to the last published NAV calculated on a per share basis) |
The 2021 second half-year distribution of 3.77 pence per share[i] is in line with the target previously outlined by the Directors and, as per previous periods, has been entirely funded through operating cash flow from the underlying projects.
2022 and 2023 Full Year Distributions
The Board of Directors reaffirms that it has established a target for 2022 and 2023 distributions of 7.74 and 7.93 pence per share, respectively, providing additional guidance to investors as to the Company's future intentions and the overall continued performance of its portfolio. The targeted payments would represent a c.2.5% increase on the preceding distributions and would continue to be in line with the growth target indicated at the time of INPP's IPO in 2006.
Scrip Dividend Alternative
The Board intend to offer a scrip dividend alternative for this distribution to those eligible INPP investors who wish to receive additional INPP securities in lieu of a cash payment. In line with prior dividends, the Company has implemented an online process, reducing the need for paperwork and allowing eligible INPP shareholders access to a web-based service to elect the scrip dividend alternative. Details will be sent to all eligible INPP shareholders on the register as at the record date for the dividend being 8 April 2022 with the scrip dividend circular being mailed on or about 26 April 2022, the terms of the scrip dividend alternative will also be available on the INPP website. Shareholders wishing to access the web-based service and receive electronic communications from the Company can do so at www.signalshares.com.
Note: The above distribution guidance is provided by the Company in consultation with its Investment Adviser as a target only and is not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions whatsoever. The times and dates in this announcement are expected times and dates only and are subject to change. The Board will continue to review whether scrip dividends are appropriate for future dividends. Any such changes will be notified to shareholders through a regulatory information service.
Enquiries:
Erica Sibree/Amy Edwards
Amber Fund Management Limited +44 (0)20 7939 0558/0587
Hugh Jonathan
Numis Securities +44 (0)20 7260 1263
Ed Berry/Mitch Barltrop
FTI Consulting +44 (0) 20 3727 1046/1039
ABOUT INTERNATIONAL PUBLIC PARTNERSHIPS:
INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 150 staff who are responsible for the management of, advice on and origination of infrastructure investments
[i] The dividend in respect of H2 2021 is 3.77 pence per share bringing the total dividend paid in respect of 2021 in line with the guidance of 7.55 pence per share.
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