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Income Investment Trust comments on Covid-19

Closed-end funds and OEICs
Julian
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Income Investment Trust comments on Covid-19

#299272

Postby Julian » April 9th, 2020, 12:26 pm

I thought it might be useful to start a single thread where we could collect all the quotes where various Income ITs have explicitly addressed the possible effect, or lack of effect, of Covid-19 on their future dividend payments, their willingness to use their revenue reserves for support (or hints to that effect) etc. To get started here are a couple that I've seen, the first one already mentioned by monabri in an earlier post (thanks monabri)...

City of London IT (CTY)
Source: https://www.investegate.co.uk/city-of-l ... 52596379I/
Date: 2-Apr-2020

Philip Remnant, Chairman, said: "In our Interim Report in February, I said that the Board was confident that it would be able to increase the dividend for a 54th consecutive year. Since then, a number of companies in which we are invested have cancelled their dividends. We continue to recognise the importance of dividend income to our shareholders. Over the last 10 years, we have set aside over £30 million into revenue reserves to underpin future dividends in circumstances such as we face now. Those reserves stood at £58.3 million at 30 June 2019, our last financial year end. If in July we need to draw on those reserves to maintain our unique record of annual dividend growth, then it is our intention to do so."


Aberdeen Asian Income Fund IT
Source: https://www.investegate.co.uk/aberdeen- ... 14553775J/
Date: 9-Apr-2020

In light of the ongoing Covid-19 pandemic, the level of the remaining three dividends for 2020 will be considered at each quarter end, at which point an announcement will be made by the Company. There are healthy revenue reserves built up over the past decade that the Board will consider using as appropriate. Any decision as to whether this will be utilised (and by how much) will be taken at the time of each dividend declaration.


Please add any that I might have missed. I suggest we restrict this to ITs that have a clear income remit and have a previously stated goal of providing an income stream that rises progressively every year.

- Julian

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Re: Income Investment Trust comments on Covid-19

#299284

Postby Dod101 » April 9th, 2020, 12:47 pm

Income ITs will I think have a delay before the effects of any dividend cuts come through, at least until those with a year end of 30 June start reporting, and even then it will only be for the final three months. As I have said before the required distribution of 85% of their revenue will put a floor under them. Further out though, certainly the UK income trusts are bound to be badly affected, those like Edinburgh, City of London, Temp[le Bar and so on. They will be able to make up the shortfall from the Revenue Reserve and even if they want to, from Realised Capital Profits, but they are fundamentally at the mercy of their underlying investments. Surely they are all going to try to at least maintain their dividends one way or another so I guess the quoted will not differ very much.

Dod


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Re: Income Investment Trust comments on Covid-19

#299347

Postby jonesa1 » April 9th, 2020, 3:28 pm

Scottish American RNS: https://www.londonstockexchange.com/exc ... 99001.html

Dividend Outlook

Overall, current expectations are that there will be some drop in SAINTS' revenues in 2020 relative to 2019. SAINTS' own dividend payments are nonetheless expected to be largely supported by anticipated revenues and are also underpinned by SAINTS' significant reserves. At 31 December 2019 SAINTS' revenue reserves stood at over £17m. After deducting the cost of the recently declared fourth interim dividend, the adjusted revenue reserves are equivalent to roughly 9 months of dividend payments (based on the rate of that dividend).

The Board remains confident in the long-term prospects of SAINTS' investments. Taken with the support available from SAINTS' reserves, the Board is therefore also confident in SAINTS' ability to pay a reliable dividend to its shareholders.

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Re: Income Investment Trust comments on Covid-19

#299348

Postby mike » April 9th, 2020, 3:30 pm

Scottish American (SAINTS in the IT's own language, ticker SAIN) have just released a COVID-19 update, including this nugget

The Board remains confident in the long-term prospects of SAINTS' investments. Taken with the support available from SAINTS' reserves, the Board is therefore also confident in SAINTS' ability to pay a reliable dividend to its shareholders.


https://www.investegate.co.uk/scot-american-inv---sain-/rns/coronavirus--covid-19----update/202004091509414229J/

"Reliable dividend" does not of course mean it will not be re-based at some point, but I would be being pretty mean if I did not think this was a welcome and encouraging statement.

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Re: Income Investment Trust comments on Covid-19

#299392

Postby forrado » April 9th, 2020, 6:28 pm

Dod101 wrote:Income ITs will I think have a delay before the effects of any dividend cuts come through, at least until those with a year end of 30 June start reporting, and even then it will only be for the final three months. As I have said before the required distribution of 85% of their revenue will put a floor under them.

For once I'm in general agreement. It's not now but further down the road (I'd say within 12 to 18 months) when the strain on IT payouts will start to show if dividend suspensions remain in place. Educated - as one can be - indications are a 30% something reduction on the yield of the FTSE 100. My own take is, given a worse case scenario ITs will not want to go to the cliff edge and completely exhaust revenue reserves. The Boards of ITs who haven't already done so, will be taking this time to consider the pros and cons of adopting a dual dividend funding approach from portfolio capital and income sources.

The old cynic that I am tells me to take what a Board says with a proverbial pinch of salt. It's my experience that shareholders are always the last to know when there is bad news on the horizon. It's uncanny how the market seems to get to know first when things aren't what they should be.

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Re: Income Investment Trust comments on Covid-19

#299415

Postby Hariseldon58 » April 9th, 2020, 7:43 pm

Markets are at present remarkably sanguine about Covid , after a heavy fall, there is substantial recovery in prices, but the interruption to business activity is likely to be the best part of six months output for many companies...that’s just the start.

The loss of confidence will be significant, there has to be a significant reduction in dividend income to trusts going forward and we can expect a reduction of payouts from trusts over time.

Revenue reserves might cover the six month or so interruption of business but longer term they either rebase the dividend down or chase income at any price.

My personal income buffer is 5+ years, so I am fairly relaxed, any dividend income will be welcome!

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Re: Income Investment Trust comments on Covid-19

#299564

Postby Julian » April 10th, 2020, 11:49 am

This is an update to add Scottish American comments and also to acknowledge the fact that, unknown to me, Itsallaguess thought up the idea of a thread of this nature 13 days before I did and posted it here (viewtopic.php?f=31&t=22542) so credit for the idea belongs to him. Sorry for inadvertently hijacking the concept Itsallaguess.

Updated list of quotes from income ITs regarding Covid-19 and dividends...

City of London IT (CTY)
Source: https://www.investegate.co.uk/city-of-l ... 52596379I/
Date: 2-Apr-2020

Philip Remnant, Chairman, said: "In our Interim Report in February, I said that the Board was confident that it would be able to increase the dividend for a 54th consecutive year. Since then, a number of companies in which we are invested have cancelled their dividends. We continue to recognise the importance of dividend income to our shareholders. Over the last 10 years, we have set aside over £30 million into revenue reserves to underpin future dividends in circumstances such as we face now. Those reserves stood at £58.3 million at 30 June 2019, our last financial year end. If in July we need to draw on those reserves to maintain our unique record of annual dividend growth, then it is our intention to do so."



Aberdeen Asian Income Fund IT
Source: https://www.investegate.co.uk/aberdeen- ... 14553775J/
Date: 9-Apr-2020

In light of the ongoing Covid-19 pandemic, the level of the remaining three dividends for 2020 will be considered at each quarter end, at which point an announcement will be made by the Company. There are healthy revenue reserves built up over the past decade that the Board will consider using as appropriate. Any decision as to whether this will be utilised (and by how much) will be taken at the time of each dividend declaration.


Scottish American (SAIN)
Source: https://www.investegate.co.uk/scot-amer ... 09414229J/

Overall, current expectations are that there will be some drop in SAINTS' revenues in 2020 relative to 2019. SAINTS' own dividend payments are nonetheless expected to be largely supported by anticipated revenues and are also underpinned by SAINTS' significant reserves. At 31 December 2019 SAINTS' revenue reserves stood at over £17m. After deducting the cost of the recently declared fourth interim dividend, the adjusted revenue reserves are equivalent to roughly 9 months of dividend payments (based on the rate of that dividend).

The Board remains confident in the long-term prospects of SAINTS' investments. Taken with the support available from SAINTS' reserves, the Board is therefore also confident in SAINTS' ability to pay a reliable dividend to its shareholders.


- Julian

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Re: Income Investment Trust comments on Covid-19

#299674

Postby mickeypops » April 10th, 2020, 5:08 pm

Thanks for this Julian. My portfolio which helps to support our retirement is entirely made of income producing ITs so this will be very helpful.

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Re: Income Investment Trust comments on Covid-19

#299795

Postby Julian » April 11th, 2020, 10:31 am

Updated list of quotes from income ITs regarding Covid-19 and dividends. Apologies to DavidM13 who had posted three links prior to my previous update but I missed them. Thanks David, and thanksjonesa1 for the SAINTs update previously incorporated.

City of London IT (CTY)
Source: https://www.investegate.co.uk/city-of-l ... 52596379I/
Date: 2-Apr-2020

Philip Remnant, Chairman, said: "In our Interim Report in February, I said that the Board was confident that it would be able to increase the dividend for a 54th consecutive year. Since then, a number of companies in which we are invested have cancelled their dividends. We continue to recognise the importance of dividend income to our shareholders. Over the last 10 years, we have set aside over £30 million into revenue reserves to underpin future dividends in circumstances such as we face now. Those reserves stood at £58.3 million at 30 June 2019, our last financial year end. If in July we need to draw on those reserves to maintain our unique record of annual dividend growth, then it is our intention to do so."



Aberdeen Asian Income Fund IT
Source: https://www.investegate.co.uk/aberdeen- ... 14553775J/
Date: 9-Apr-2020

In light of the ongoing Covid-19 pandemic, the level of the remaining three dividends for 2020 will be considered at each quarter end, at which point an announcement will be made by the Company. There are healthy revenue reserves built up over the past decade that the Board will consider using as appropriate. Any decision as to whether this will be utilised (and by how much) will be taken at the time of each dividend declaration.


Scottish American (SAIN)
Source: https://www.investegate.co.uk/scot-amer ... 09414229J/
Date: 9-Apr-2020

Overall, current expectations are that there will be some drop in SAINTS' revenues in 2020 relative to 2019. SAINTS' own dividend payments are nonetheless expected to be largely supported by anticipated revenues and are also underpinned by SAINTS' significant reserves. At 31 December 2019 SAINTS' revenue reserves stood at over £17m. After deducting the cost of the recently declared fourth interim dividend, the adjusted revenue reserves are equivalent to roughly 9 months of dividend payments (based on the rate of that dividend).

The Board remains confident in the long-term prospects of SAINTS' investments. Taken with the support available from SAINTS' reserves, the Board is therefore also confident in SAINTS' ability to pay a reliable dividend to its shareholders.


Dunedin Income Growth (DIG)
Source: https://www.theaic.co.uk/companydata/0P ... 3A03/2784J
Date: 9-Apr-2020

As a result of lower levels of activity in significant parts of the global economy, and the total shutdown of other parts, following the actions of governments in many countries to try to control the Coronavirus pandemic, many companies will report much lower profits in the years ahead. As a consequence there is likely to be real pressure on corporate cash flow. We have already seen several UK companies either passing or cutting dividend payments, even after dividends have been declared. For some UK companies, there may be government, social or regulatory pressure to suspend payments to shareholders. For all companies, careful stewardship of cash resources has become significantly more relevant than it was only a month ago. Distributions to equity investors may rank as being comparatively less important for some time. Against this backdrop, the outlook for dividends for many companies is materially less clear, for the next financial year, and possibly longer.

As an actively managed company with a flexible mandate, we are relatively well placed to identify those companies whose dividends are more secure and whose shares have potential for capital growth. In addition, the Company can use its revenue reserves to supplement the net revenue return in any financial year. It is the Company's objective to grow the dividend in real terms over the medium term and, as we have demonstrated this year, the Board is willing to use the revenue reserve in the achievement of this objective.


Seneca Global Income and Growth (SIGT)
Source: https://www.theaic.co.uk/companydata/0P ... 3A05/9723I
Date: 7-Apr-2020

With the announcement of each quarterly dividend, the Board has given an indication of what the current or next financial year's quarterly dividend rate will be (typically no less than the one announced) but always caveated with the phrase 'barring unforeseen circumstances'. The Covid-19 pandemic certainly qualifies as 'unforeseen circumstances'.

At a time of great hardship and stress for many shareholders, the Board believes it is right to do what it can to help shareholders through this extraordinary period. One of the great strengths of investment trusts is their ability to pay dividends, if necessary or appropriate, out of historically accumulated revenue and other reserves. The Company is well endowed with distributable reserves and is comfortably able to sustain the current dividend rate, even if, as seems certain, that means paying an uncovered dividend.

There are many listed companies being forced or deciding to cut their dividends and it remains to be seen how long these reductions will last and what their level of dividends will be when re-instated. Once this is clearer, the Board will evaluate an appropriate level for the Company's dividend. Until then, it is the Board's intention, barring further unforeseen circumstances, that it will maintain the quarterly dividend rate of 1.68p per share, representing an annualised yield of 5.6% on the closing share price yesterday of 120p.


OTHER IT ANNOUNCEMENTS...

This is one of the three links that David gave for "The Investment Company Plc". I was torn about this one since my intention was to focus this thread only on ITs with a defined income mandate and I wasn't sure if this one met that criteria. It is however also the one with the least positive "we will support the divi at least for a while" types of noises. That might well be because this IT doesn't self-define as an income IT (I don't know whether it does or not) but on the other hand I didn't want to risk being accused of confirmation bias(*) in selecting only positive quotes so I've created a section here at the end for ones like this. I am more than happy to move it into the main section if the majority opinion is that it should go there. My justification for putting it here for now is because I am unsure as to whether it does define itself as an income IT.

The Investment Company Plc (TIDM)
Source: https://www.theaic.co.uk/companydata/0P ... 3A05/2829J
Date: 9-Apr-2020

In light of the current Covid-19 situation and the impact it has had on global markets, the Board's priority is to ensure that, as far as possible, the Company's capital is preserved. As previously stated, the Board believes individuals' capital is scarce, and as such should be respected for its irreplaceability.

The dividend that has been declared today is being paid from income received prior to the emergence of the Covid-19 pandemic. However, since July 2018, a key objective of the Board has been to enable the income received by the Company to cover both its operating costs and the cost of dividends paid. Since the beginning of the current financial year, on 1 July 2019, the Company has paid out dividends of 7.5 pence per ordinary share and this, together with the 1 pence announced today, is covered by the Company's net income.

With uncertainty surrounding future dividend payments from companies in The Investment Company's portfolio and the decline in market prices, the Board is consulting regularly with the Investment Manager regarding anticipated income receipts and portfolio valuations with a view to determining the level of future dividends. A further update will be provided in due course.


- Julian

(*) since I personally believe that certain income ITs such as CTY with hugely long histories of rising dividends to preserve might even start eating capital for a year or two if their borrowing and revenue reserve capabilities fell just a year or two short of getting them through the uncovered-payout crisis before divi cover returned to at least 1.0.

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Re: Income Investment Trust comments on Covid-19

#300774

Postby Itsallaguess » April 15th, 2020, 8:28 am

Mercantile Investment Trust

Yield : 3.55%

Source - https://www.investegate.co.uk/mercantile-inv-tst--mrc-/rns/annual-financial-report/202004150800026454J/

Date : 15-Apr-2020

Returns and Dividends

The revenue per share increased to 7.64p, from 7.47p in 2019. We have paid three interim dividends of 1.35p per ordinary share in respect of the year to 31st January 2020. The Board has declared a fourth quarterly interim dividend of 2.55p, giving a total dividend of 6.6p per share for the year, an increase of 4.8% on last year's total dividend of 6.3p per share.

Many companies are cutting or postponing dividends so it is very likely our own income will fall this year. At the year end, taking account of the payment of the fourth interim dividend, the revenue reserve stood at £62.8 million, which is equivalent to 7.9p per share and the Board is very conscious of the importance of dividends to many shareholders. Our aim continues to be to increase the dividend at least in line with the rate of inflation.


--------

Mercantile Trustnet Page - https://www.trustnet.com/factsheets/t/ff03/the-mercantile-investment-trust-the-plc-ord-2.5p)

Cheers,

Itsallaguess

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Re: Income Investment Trust comments on Covid-19

#301009

Postby DavidM13 » April 16th, 2020, 8:29 am

Does this count in the criteria? I assume yes as it has Income in the name.

https://www.theaic.co.uk/financial-advi ... 3A08/6530J

Sequoia Econcomic Infrastructure Income

For the financial year ending 31 March 2021 SEQI will continue to target an annual dividend of 6.25 pence per share. Given current performance of our investment portfolio, we anticipate that this level of dividend pay-out should be fully cash covered over the current financial year. Our Investment Adviser has considered a range of scenarios which have led us, to conclude that, based on the information currently available to us the dividend is likely to be secure.

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Re: Income Investment Trust comments on Covid-19

#301015

Postby OllyDrod » April 16th, 2020, 8:59 am

BMO Commercial Property (BCPT)

"As at the current date more information has been gathered on the effects of COVID-19 on the Company. A trading update has been released to the market in parallel with this announcement, which gives information regarding a temporary suspension to monthly dividends and the NAV as at 31 March 2020. This announcement is available on the Company's website at bmocommercialproperty.com..."
[Extract from the Chairman's Statement - Results for the Year Ended 31 December 2019 (audited)]

Results for the Year Ended 31 December 2019 (audited) in full:
https://otp.tools.investis.com/clients/ ... id=1386077

Trading update:
https://otp.tools.investis.com/clients/ ... id=1386066

- OllyDrod

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Re: Income Investment Trust comments on Covid-19

#301057

Postby mickeypops » April 16th, 2020, 11:20 am

NewRiver REIT

https://otp.investis.com/clients/uk/newriver_retail_ltd/rns/regulatory-story.aspx?cid=1683&newsid=1380268

the dividend scheduled for late May has been suspended:

" Consistent with NewRiver's focus on cash preservation and liquidity, the Board has decided not to pay a fourth quarter dividend. This preserves £17 million of cash. The Company will update shareholders on dividends at the time of its Full Year Results announcement."

MP

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Re: Income Investment Trust comments on Covid-19

#301058

Postby mickeypops » April 16th, 2020, 11:38 am

DavidM13 wrote:Does this count in the criteria? I assume yes as it has Income in the name.

https://www.theaic.co.uk/financial-advi ... 3A08/6530J

Sequoia Econcomic Infrastructure Income

For the financial year ending 31 March 2021 SEQI will continue to target an annual dividend of 6.25 pence per share. Given current performance of our investment portfolio, we anticipate that this level of dividend pay-out should be fully cash covered over the current financial year. Our Investment Adviser has considered a range of scenarios which have led us, to conclude that, based on the information currently available to us the dividend is likely to be secure.


Thanks - I have this in my income portfolio - good to hear that the dividend is to paid.

MP

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Re: Income Investment Trust comments on Covid-19

#301075

Postby monabri » April 16th, 2020, 12:18 pm

Itsallaguess wrote:Mercantile Investment Trust

Yield : 3.55%

Source - https://www.investegate.co.uk/mercantile-inv-tst--mrc-/rns/annual-financial-report/202004150800026454J/

Date : 15-Apr-2020

Returns and Dividends

The revenue per share increased to 7.64p, from 7.47p in 2019. We have paid three interim dividends of 1.35p per ordinary share in respect of the year to 31st January 2020. The Board has declared a fourth quarterly interim dividend of 2.55p, giving a total dividend of 6.6p per share for the year, an increase of 4.8% on last year's total dividend of 6.3p per share.

Many companies are cutting or postponing dividends so it is very likely our own income will fall this year. At the year end, taking account of the payment of the fourth interim dividend, the revenue reserve stood at £62.8 million, which is equivalent to 7.9p per share and the Board is very conscious of the importance of dividends to many shareholders. Our aim continues to be to increase the dividend at least in line with the rate of inflation.

--------
Mercantile Trustnet Page - https://www.trustnet.com/factsheets/t/ff03/the-mercantile-investment-trust-the-plc-ord-2.5p)
Cheers,
Itsallaguess


Looking at the holdings, MRC is top heavy in mid market shares...I'd be concerned that with all the dividend cuts from FTSE250 companies (as listed in link below) , the ability pay a dividend might be sorely stretched..next year.

UK FTSE Mid sized 79.2%
UK FTSE 100 11.3%
UK FTSE Small & Fledgling 5.2%
UK AIM 4.1%
UK Unquoted 0.2%
Total 100.0%

viewtopic.php?p=301045#p301045

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Re: Income Investment Trust comments on Covid-19

#301102

Postby DavidM13 » April 16th, 2020, 2:01 pm

Henderson High Income

https://www.theaic.co.uk/financial-advi ... 3A47/8951J


It remains the Board's investment objective to increase the Company's dividend gradually, but it is subject to investment conditions at the time and whether we determine such an increase to be sustainable in the future. We are entering unchartered territory following the recent introduction of government measures, unprecedented in peace times, including building closures, home-working, travel restrictions, self-isolation and social distancing. All these will have an impact on the revenue generation of companies in our portfolio. In such circumstances some of our investee companies may take the decision to preserve cash in preference to maintaining their dividend. We will carefully monitor the level and sustainability of income received by the Company over the coming year and will assess this together with the level of our own revenue reserves to determine the Company's own dividends.

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Re: Income Investment Trust comments on Covid-19

#301122

Postby OllyDrod » April 16th, 2020, 3:43 pm

The Merchants Trust (MRCH)

"Following the Prime Minister's announcement on 23 March 2020 of stay at home measures and possible further restrictions and the continuing impact of COVID-19 the opportunity for shareholders to approve a final proposed dividend for the year ended 31 January 2020 as an ordinary resolution at an Annual General Meeting cannot go ahead in accordance with the usual timetable. In order to ensure the dividend payment can be made to shareholders in May 2020, the Board has instead decided to declare this payment as a fourth interim payment. Therefore, the Board has declared a fourth interim dividend of 6.8p per Ordinary Share, in line with the third quarter's dividend, payable on 29 May 2020 to holders on the register at the close of business on 24 April 2020. This means that the total dividend for the 2019/20 year is 27.1p, an increase of 4.2% on the previous year."

RNS: 9298J
https://www.londonstockexchange.com/exc ... 05124.html

- OllyDrod

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Re: Income Investment Trust comments on Covid-19

#301182

Postby 77ss » April 16th, 2020, 9:37 pm

OllyDrod wrote:BMO Commercial Property (BCPT)

"As at the current date more information has been gathered on the effects of COVID-19 on the Company. A trading update has been released to the market in parallel with this announcement, which gives information regarding a temporary suspension to monthly dividends and the NAV as at 31 March 2020. This announcement is available on the Company's website at bmocommercialproperty.com..."
[Extract from the Chairman's Statement - Results for the Year Ended 31 December 2019 (audited)]

Results for the Year Ended 31 December 2019 (audited) in full:
https://otp.tools.investis.com/clients/ ... id=1386077

Trading update:
https://otp.tools.investis.com/clients/ ... id=1386066

- OllyDrod


A special case maybe, but it interesting to note that BCPT's dividends were covered over 2 times by their 'Revenue Reserves'.

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Re: Income Investment Trust comments on Covid-19

#301235

Postby forrado » April 17th, 2020, 8:25 am

77ss wrote:A special case maybe, but it interesting to note that BCPT's dividends were covered over 2 times by their 'Revenue Reserves'.

I have to take issue with you, how do you get this over 2 times cover from revenue reserves when the Chairman states in yesterday’s release of the Annual Financial Report for 2019 that can be read at …

https://www.investegate.co.uk/bmo-com-pty-tst-ltd--bcpt-/prn/results-for-the-year-ended-31-december-2019--audited-/20200416070000P63B0/

Dividends and Dividend Cover

The Company’s level of dividend cover for the year (excluding capital gains on properties) was 81.8 per cent. This was marginally higher than the 80.2 per cent cover achieved last year.

The over 2 times cover my well be accurate if one includes capital gains on properties, but that is not the amount of cash being held in the trust’s revenue reserve account. 81.8% is only enough to cover the dividend for 10 months.

If one takes the trouble to read the report in its entirety, and particularly the accounts, then one will see …

During 2019 the trust paid out to shareholders dividends totalling £47,962,000
That is £4-million per month

During 2019 the trust received rents totalling £64,380,000
That is £16-million per quarter

At the end of 2019 the trust had £39,249,000 in reserve to cover dividend payouts
That is 10 months cover at £4-million per month

As things presently stand, the problem for the trust is that £16-million of rent due during this current second quarter of the year is expected to be down 25% or maybe more. While the £16-million rent collection prospects for the third quarter of this year don’t look any better. So, I would think until the Board has a clearer idea as to how much of that £32-million rent due for the combined second and third quarters of this year will actually be paid it is prudent to temporary suspend monthly payouts to shareholders. Otherwise, doing nothing could seriously drain the revenue reserves depending on how bad it gets - which is the big unknown.

I wouldn’t be surprised when the Board thinks it safe to restart payouts to shareholders the trust switches from a monthly to a quarterly payout timetable. I also think there is a strong possibility in the short-term that shareholder payouts equalling £4-million per month will be reduced. Exactly by how much is anybody’s guess at this point in time.


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