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Terra Capital PLC (TCA)

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Tuesday 24 December, 2013

Terra Capital PLC

Dividend Policy

RNS Number : 3227W
Terra Capital PLC
24 December 2013
 

24 December 2013

 

   

TERRA CAPITAL PLC

 

 

The Board of Terra Capital plc (the "Company") is pleased to announce the following:

Beginning with the fiscal year 2013, the Company will take the following measures to provide shareholders with an annual dividend.  All efforts will be taken to provide an annual dividend of at least 3.5% of the Company's December 31st NAV:

1.    The Company will issue an annual dividend to be funded by distributing 80% of the value of the cash and stock dividends received from its investments during that fiscal year ("Dividends").  A stock dividend will be valued at its value on Dec 31 of that year.  If this amount exceeds a 3.5% dividend yield on the Dec. 31 NAV, the Company will still distribute the 80% amount so the dividend yield on the NAV will exceed 3.5%.

 

2.    If distribution of 80% of the Dividends received from the Company's investments in a fiscal year is insufficient to attain a 3.5% dividend yield on the Dec. 31 NAV, the Company will distribute up to 100% of all Dividends received as its annual dividend to reach the targeted 3.5% dividend yield on the Dec. 31 NAV.

 

3.    If distribution of 100% of the Dividends received from the Company's investments in a fiscal year is insufficient to attain a 3.5% dividend yield on the Dec. 31 NAV, in a year that the Company's NAV rose sufficiently to cover the missing amount, the Company will add money from its retained earnings to reach the targeted 3.5% dividend yield on the Dec. 31 NAV.   

 

4.    In the event 100% of the Dividends received from the Company's investments in a fiscal year is insufficient to attain a 3.5% dividend yield on the Dec. 31 NAV and  the NAV did not increase from the prior year, the Company will only distribute the value of 100% of all Dividends received.  In such a case the dividend yield might be less than 3.5% of NAV.

The Company expects that the amount of the dividend for 2013 will be announced on or before February 1, 2014.

-     ENDS -

Enquiries

 

For more information, please visit www.terracapitalplc.com orcontact:

 

Galileo Fund Services Limited  (Administrator)

David Parnell

+44 1624 692600

 

Panmure Gordon (UK) Limited (Nominated adviser and corporate broker)

Paul Fincham or Jonathan Becher

+44 20 7886 2500

 

Terra Capital plc.

Ian Dungate, Director

+44 1624 692600


This information is provided by RNS
The company news service from the London Stock Exchange
 
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