Premier Miton Regulatory News (PMGR)

Premier Miton Global Renewables Trust Plc - Dividend Announcement

PR Newswire

London, February 24

Premier Miton Global Renewables Trust PLC: Dividend Announcement

Premier Miton Global Renewables Trust PLC (the “Company”) announces a fourth interim dividend for the year ended 31 December 2020 of 2.70 pence per Ordinary Share, making a total of 10.20 pence for the year, unchanged from the dividend paid in respect of 2019. This fourth interim dividend will be paid on 31 March 2021 to members on the register at the close of business on 5 March 2021. The Ordinary Shares will be marked ex-dividend on 4 March 2021. 

In an announcement dated 30 November 2020, the Company announced that as a result of the new 2025 ZDP Share issue being of a smaller issue size than the preceding 2020 ZDP Share issue, which matured on 30 November 2020, the portfolio would be reduced in size. This also means that the Company is now substantially less geared, and all else equal, this will reduce the volatility of the Ordinary Share net asset value and as such reduce risks to shareholders. In addition the lower ZDP liability will result in lower financing costs charged through the Company’s capital account. We expect 2021 financing costs to be some £0.6m lower than those in 2019, the last full year of issue of the 2020 ZDP shares. This saving is equivalent to 3.9 pence per Ordinary Share.

However, the reduced portfolio size would also be likely to result in a lower level of expected revenue earnings per share and dividend. Further, in conjunction with the Company’s manager, Premier Fund Managers Limited, the directors would carry out a review of the likely revised level of income expected to be generated from the portfolio, the result of the review to be announced early in the new year.

The Board, in conjunction with the Company’s manager, has now completed this review, and barring unforeseen events or market conditions, expects revenue earnings will be sufficient to support a dividend of at least 7.00 pence per Ordinary Share in respect of the financial year 2021. The Board anticipates this being formed of four equal interim dividends of 1.75 pence, and in the event the dividend for the year is higher than 7.00 pence, this would be reflected through a higher fourth interim dividend.

24 February 2021

Enquiries:Premier Fund Managers Limited + 44 (0) 1483 30 60 90Claire LongJames Smith