10 Sep 2020 09:43
VALUE AND INCOME TRUST PLC
STATEMENT RE FIRST QUARTER DIVIDEND AND DIRECTOR APPOINTMENT
DECLARATION OF FIRST QUARTER DIVIDEND
The Board of Value and Income Trust PLC ("the Company") declares a first quarter dividend of 2.9p per Ordinary Share in respect of the year to 31 March 2021 payable on 30 October 2020 to shareholders on the register at close of business on 2 October 2020. The ex-dividend date is 1 October 2020.
It is the Board's intention to maintain the same level of dividend payment of 2.9p per share for the second and third quarter dividends to be paid on or around 29 January 2021 and 30 April 2021 respectively. Record dates and ex-dividend dates for these payments will be confirmed in due course.
The Board will announce in due course the proposed fourth and final dividend payment for the year to 31 March 2021, which, subject to shareholder approval, will be paid on or around 30 July 2021.
Using the benefits of the closed end structure, it is the Board's intention to preserve the Company's strong dividend record, if possible, by distributing part of the Company's capital reserves of 154.4p per share if necessary. However, maintaining the record for the long term will require dividend cover to be rebuilt over the years ahead.
APPOINTMENT OF NEW DIRECTOR
The Company is pleased to announce the appointment of Matthew Oakeshott as a Non-executive Director with immediate effect.
Matthew is one of the original founders of the Company having previously served on the Board from 1 April 2007 to 1 April 2019. Matthew is Chairman of OLIM Property Limited, which currently manages the Company's property portfolio.
The Board intends to carry out a strategic review of the investment policy of the Company and this appointment forms part of that review. The Board will report further in the Half-Year Report to 30 September 2020, expected to be published in November 2020.
As at the date of this announcement, Matthew Oakeshott and persons closely associated with him hold 11,109,750 Ordinary Shares in the Company (representing 24.39% of the ordinary issued share capital).
There are no other disclosures required under Section 9.6.13 (1) to (6) of the Listing Rules.
For further information please contact:-
Maven Capital Partners UK LLP
Company Secretary
Tel: 0141 306 7400
10 September 2020