Dividend Declaration and Prospective Name Change

RNS Number : 3038P

Seneca Global Income & Growth PLC

17 February 2021

 

Seneca Global Income & Growth Trust plc

To:  RNS

From:  Seneca Global Income & Growth Trust plc

LEI:                    213800OQTUSRFDIL9L29

Date:  17 February 2021

Announcement of Third Interim Dividend, Dividend Outlook, and Prospective Name Change

Third Interim Dividend

The Company has today declared a third interim dividend in respect of the year ending 30 April 2021 of 1.68p per share (2020 - 1.68p per share) which will be payable on 19 March 2021 to Ordinary shareholders on the register on 26 February 2021, ex-dividend date 25 February 2021. As expected, this dividend will be paid from the Company's significant distributable capital reserves.

Dividend Outlook

The Board recognises the importance of the predictability of dividends to Shareholders. It has previously intimated its intention, barring unforeseen circumstances, at least to maintain the quarterly dividend rate of 1.68p per share for the full year to 30 April 2021, and to evaluate an appropriate level for the Company's dividend once portfolio companies which have been negatively impacted by COVID-19 and as a result cut, suspended or cancelled their dividends, re-establish their own dividend policies. The Board had hoped for greater clarity by now, but it is clear this will take longer to emerge. The Board has therefore decided that the Company will continue at least to maintain the 1.68p per share quarterly dividend rate for at least the next financial year to 30 April 2022, barring unforeseen circumstances. 

As has been noted before, the Company has significant distributable reserves that allow the payment of an uncovered dividend for as long as may be considered appropriate. This policy will allow the Company to continue to be managed to achieve the best possible total return and allow for the natural recovery in the Company's dividend income once the portfolio companies re-establish their polices rather than forcing structural changes to the portfolio in the search for income, or reducing the Company's dividend to Shareholders when that may prove to have been unnecessary.

Prospective Name Change

Subsequent to the previously announced acquisition of the Company's Investment Manager, Seneca Investment Managers Ltd, by Momentum Global Investment Management Ltd (MGIM) and as a result of its integration into MGIM and consequent re-branding, the Board has resolved to change the name of the Company to Momentum Multi-Asset Value Trust plc, subject to approval by Companies House. It is the intention that this will become effective in March 2021 and a further announcement will be made in due course to confirm the actual date of the name change.

All enquiries:

PATAC Limited,   Company Secretary   0131 378 0500

Lucy Dolan, Seneca Investment Managers Ltd,  0151 906 2479 

Mobile [phone]

Gary Moglione,    Seneca Investment Managers Ltd,  0151 906 2461 

Mobile [phone]

 

END

 

 

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