Picton Prop Inc Ltd Dividend Declaration

 
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, 
[e-mail] 
 
Picton 
 
Michael Morris, 020 7011 9980, [e-mail] 
 
 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 
 

(END) Dow Jones Newswires

April 28, 2020 02:00 ET (06:00 GMT)