Chenavari Toro Income Fund Limited Quarterly Dividend and Special Distribution (0922U)
July 27 2020 - 2:00AM
UK Regulatory
TIDMTORO
RNS Number : 0922U
Chenavari Toro Income Fund Limited
27 July 2020
Chenavari Toro Income Fund Limited (the Company)
27 July 2020
Quarterly Dividend and Special Distribution for the Quarter
ended 30 June 2020
In line with the enhanced dividend policy announced by the
Company on 8 June 2020 (the "Enhanced Dividend Policy"), the
Company is pleased to announce payment of its quarterly dividend of
2.5% (Euro 0.0203 per ordinary share) (the "Quarterly Dividend")
and a special quarterly distribution of EUR 0.1217 per ordinary
share (the "First Special Distribution") for the period from 1
April 2020 to 30 June 2020, meaning a combined Quarterly Dividend
and First Special Distribution of Euro 0.1420 per ordinary
share.
Payment will be made on 16 September 2020 to holders of ordinary
shares recorded on the register as at close of business on 21
August 2020, with an ex-dividend date of 20 August 2020. The
Quarterly Dividend yield remains targeted at 2.5% quarterly
(equating to a targeted annualised dividend yield of 10 per cent by
reference to NAV).
Shareholders wishing to take the Quarterly Dividend and First
Special Distribution in scrip, or to make a dividend currency
election, should note that the last date to make an election to
join the scrip dividend scheme or make a currency election is 17:00
on 3 September 2020. The scrip reference price will be calculated
and announced on or around 27 August 2020.
The First Special Distribution is part of the new Enhanced
Dividend Policy of the Company, which has been put in place to
maintain a maximum cash balance in the Company's portfolio of 10
per cent of NAV at the end of each calendar quarter up to 31
December 2020. All excess cash in excess of this balance within the
portfolio will be distributed as a special distribution on a
quarterly basis. The special distributions will be in addition to
any quarterly dividend paid pursuant to the Company's normal
dividend policy.
With effect from 1 January 2021, the maximum cash balance cap
will be reduced to a level of not more than 5 per cent. of NAV,
unless the investment manager, at its discretion, decides to
maintain such cap at a maximum of 10 per cent., should market
opportunities in liquid and tradable European ABS / CLO arise.
The payment of any quarterly special distribution is subject to
the Company having excess cash available. Shareholders should have
no expectation that any such special dividends will be paid in any
future quarter.
Further information in relation to the Company is available
at:
http://www.chenavaritoroincomefund.com
Enquiries :
Sophie Porter / Guy Goyard
Chenavari Investment Managers
Email: tlir@chenavari.com
Telephone: +44 20 7259 3600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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