3 Nov 2008 07:00
3 November 2008
The Advantage Property Income Trust Limited
("TAP" or the "Company")
NOTICE OF DIVIDEND
TAP, the listed high income UK commercial property investment company, announces a third interim dividend of 0.8125 pence per Ordinary Share in respect of the financial year ended 31 December 2008.
This dividend will be payable on 28 November 2008 to holders of record 14 November 2008. The corresponding ex-dividend date will be 12 November 2008.
TAP was set up to distribute income and profits from sales of stabilised assets. In light of uncertainty and negative sentiment towards commercial property within the context of an increasingly poor wider economy, the creation of additional distributable gains has become extremely difficult. Therefore, the Directors have taken the prudent step of reducing the dividend from 6.5p to 3.25p per share per annum. In respect of Quarter 3, the Dividend cover will be 128%.
Chris Fish, Chairman of TAP, said: "Reducing the dividend to this level provides greater flexibility to the Company as it continues its policy of repaying debt. However, it remains the Directors' intention that the dividend rate will grow in line with profitability."
The Company is not in breach of any of its banking covenants and has sufficient cash reserves to meet all its capital expenditure requirements.
For further information:
Chris Carter Keall/ Fraser Kennedy, VALAD Property Group 020 7659 6666
Graham Swindells/Brad Cheng, Singer Capital Markets Limited 020 3205 7500
Jeremy Carey/Simon Hudson/Gemma Bradley,
Tavistock Communications Limited 020 7920 3150
Anson Fund Managers Limited, Secretary 01481 722260
E&OE - in transmission