Distribution
The level of dividend paid by the Company each year is determined by the Board in accordance with the Company's distribution policy. The Board has stated that, barring unforeseen circumstances, it will pay an annual dividend equivalent to 6 per cent of the net asset value of the Company at the end of the preceding year. The dividend is funded from a combination of accumulated capital gains and income.
The Board has already announced that applying the distribution policy results in a total dividend for 2015 of Euro 0.7581 per share (2014: Euro 0.699 per share, net). This represents an 8.5% increase in the 2015 dividend compared with the previous year. The 2015 dividend will be paid in three equal instalments of Euro 0.2527 per share on 30 January, 29 May and 28 August. The January dividend of Euro 0.2527 per share was paid to shareholders on 30 January 2015 and amounted to 19.33p per share in Sterling terms.
Shareholders may elect to receive dividends by way of further shares in the Company rather than cash. Where shareholders so elect, they will receive shares based on the net asset value of the Company; the shares may trade in the market at a discount or premium to net asset value. Subject to personal circumstances and shareholders taking their own tax advice, UK resident individual shareholders who receive a scrip dividend should not be liable to UK income tax on such dividend. Instead, UK capital gains tax rules should apply.
