Chenavari Toro Income Fund Limited Dividend Declaration (7819F)
November 19 2020 - 2:00AM
UK Regulatory
TIDMTORO
RNS Number : 7819F
Chenavari Toro Income Fund Limited
19 November 2020
Chenavari Toro Income Fund Limited (the Company)
19 November 2020
Quarterly Dividend and Special Distribution for the Quarter
ended 30 September 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 0.018 per ordinary share) (the "Regular Quarterly
Dividend") and a special quarterly distribution of Euro 0.018 per
ordinary share ("Special Distribution") for the period from 1 July
2020 to 30 September 2020, meaning a combined Quarterly Dividend
and Second Special Distribution of Euro 0.036 per ordinary
share.
Payment will be made on 23 December 2020 to holders of ordinary
shares recorded on the register as at close of business on 27
November 2020 with an ex-dividend date of 26 November 2020. The
quarterly Dividend Yield remains targeted at 2.5% quarterly.
The Special Dividend was determined by taking into account the
available cash, the scheduled investments into primary and
secondary CLOs for the coming quarter, and the Enhanced Dividend
Policy (and rebalancing investment strategy) dated 8 June 2020.
Considering recent improvements in the economic outlook and the
investment horizon, in light of the recent positive developments
announced in relation to a Covid-19 vaccine, the Company has
scheduled investments into primary and secondary CLOs given the
attractiveness and resilience of the investment opportunity.
Shareholders wishing to take the dividend 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 to be eligible for the dividend paying on 23 December 2020
is 17:00 on 9 December 2020. The Scrip Reference Price will be
calculated and announced on or around 3 December 2020.
The Special Distribution is part of the 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
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END
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