Picton Prop Inc Ltd Dividend Declaration
April 28 2020 - 1:00AM
UK Regulatory
TIDMPCTN
28 April 2020
PICTON PROPERTY INCOME LIMITED
("Picton", the "Company" or the "Group")
LEI: 213800RYE59K9CKR4497
Dividend Declaration
Picton today announces an interim dividend payment in respect of the financial
period from 1 January 2020 to 31 March 2020.
Picton is fortunate that it enters this period of uncertainty caused by Covid
19 from a position of strength with a covered dividend and a strong balance
sheet with an LTV of 22%. The portfolio is well positioned with a diversified
underlying income stream.
Despite this, the potential length of lockdown, the extent of the future UK
Government response and the time required for the UK economy to recover is
currently unclear. The corresponding impact on our occupiers and therefore our
underlying cashflow is less certain than usual.
As such, the Board has concluded it is appropriate to reduce the level of
distribution during this period and until market conditions become clearer.
The quarterly dividend will be reduced from 0.875 pence per share to 0.625
pence per share (3.5p to 2.5p annualised or just over 70% of the preceding
dividend) with immediate effect.
This change to the dividend will provide the Company with flexibility in
managing the property portfolio and the ability to support its occupiers, with
a view to creating longer term value for shareholders, while maintaining
balance sheet strength.
The dividend timetable is set out below:
* Ex-Dividend Date - 7 May 2020
* Record Date - 11 May 2020
* Pay Date - 29 May 2020
The dividend of 0.625 pence per share will be designated as a property income
distribution ('PID').
Nick Thompson, Chairman comments: -
"The Board believes it is both prudent and appropriate to make this reduction
during these unprecedented times. We do, however, recognise the importance of
the dividend payment to Picton's investors and will keep it under constant
review as this situation evolves."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014
For further information:
Tavistock
Jeremy Carey 07836 734 625 /James Verstringhe, 07769 698 105,
james.verstringhe@tavistock.co.uk
Picton
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk
Note to Editors
Picton, established in 2005, is a UK REIT. It owns and actively manages a GBP665
million diversified UK commercial property portfolio, invested across 47 assets
and with around 350 occupiers (as at 31 March 2020). Through an occupier
focused, opportunity led approach to asset management, Picton aims to be one of
the consistently best performing diversified UK focused property companies
listed on the main market of the London Stock Exchange. For more information
please visit: www.picton.co.uk
ENDS
END
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