Nimrod Sea Assets Limited Dividend Declaration (4760K)
December 30 2015 - 8:00AM
UK Regulatory
TIDMNSA
RNS Number : 4760K
Nimrod Sea Assets Limited
30 December 2015
NIMROD SEA ASSETS LIMITED
DIVIDEND DECLARATION AND INVESTMENT UPDATE
Overview
Nimrod Sea Assets Limited (LSE:NSA) (the "Company") is a
Guernsey domiciled company with Ordinary Shares (ISIN:
GG00BK0SC854, SEDOL: BK0SC85) admitted to trading on the Specialist
Fund Market of the London Stock Exchange.
Declaration of Dividend
As per the Company's announcement dated 19 June 2015, (RNS
Number: 7405Q) which advised that the Board anticipated declaring a
quarterly dividend of 2 cents per Ordinary Share from the end of
June 2015 until March 2016; the Directors of the Company on 30
December 2015 declared an interim dividend of 2 cents per Ordinary
Share for the financial period ending 31 March 2016. This will be
funded by income received net of expenditure and added to from the
Company's capital resources.
This dividend will be payable on or around 22 January 2016 to
holders on record on 8 January 2016. The corresponding ex-dividend
date will be 7 January 2016.
Dividend Declarations & Review
As previously commented, since the Company's launch in March
2014, the oil price has been volatile, with Brent Crude trading
initially to a high of USD115 in June 2014 and falling sharply
since November 2014 and currently stands at USD44.06 as at 29
December 2015. Consequently, as previously announced, the Company
has slowed its pace of investments, and also there have been delays
in the income cash flows received from some of the underlying
initial investments and their respective SPVs. Banks have become
more cautious in applying their lending criteria to the sector
whilst they wait for the oil price to stabilise and strengthen.
The Company's Board continues to be mindful of the Investment
Period of 18 to 24 months following Admission detailed in the
Prospectus, ending therefore between September 2015 and March 2016.
Cognisant of both the current delays in income receipt by the
Company and of shareholders' hopes for cash flow from the Company,
the Board has been declaring a quarterly dividend of 2 cents per
Ordinary Share from the end of June 2015 (of which the dividend
declared above is the second), and anticipates continuing to do so
until March 2016. This has and will continue to be funded by income
received net of expenditure and added to from the Company's capital
resources.
Alongside this dividend distribution the Board has conducted
extensive reviews of the existing portfolio, investment policy and
the investment process and future opportunities.
Conditions have remained uncertain, and the Board considers
that, unless market conditions improve significantly, it is
unlikely to make any further new investments. Consequently the
Board anticipates returning unrequired uninvested capital after
March 2016. Save for unanticipated market changes or events, the
Company currently anticipates returning a further 20 cents per
share at that stage. The Company will consider the best method of
returning this sum to shareholders.
The Company is focused on maximising the return to shareholders
from its existing assets and on ensuring it has the correct
resources to do this.
Investor information
The latest available information on the Company can be accessed
via the Company's website and a quarterly fact sheet will be posted
on the Company's website in due course.
(www.nimrodseaassets.com).
This document has been issued by, and is the sole responsibility
of the Company and is for information purposes only. It is not, and
is not intended to be an invitation, inducement, offer, or
solicitation, to deal in the shares of the Company. The price of
shares in the Company and the income from them may go down as well
as up and investors may not get back the full amount invested on
disposal of shares in the Company. An investment in the Company
should be considered only as part of a balanced portfolio of which
it should not form a disproportionate part. Prospective investors
are advised to seek expert legal, financial, tax and other
professional advice before making any investment decision.
By order of the Board
30 December 2015
For further information, please contact:
For administrative and company information:
JTC (Guernsey) Limited
+44 (0) 1481 702400
For shareholder information:
Nimrod Capital LLP
Richard Bolchover
Marc Gordon
+44 (0) 20 7382 4565
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
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