Within its Year End Results announcement on 5 March 2020 the Company proposed a final dividend for the year ending 30 December 2019 of 11 pence per share.
The Company's Directors and its three largest shareholders, Growthpoint Properties Limited, Mstead Limited and PDI Investment Holdings Limited, who together represent approximately 60.6% of the Company's Issued Share Capital, have all confirmed that they will take up the scrip option for the entirety of their holdings. In addition, a further three of the Company's largest shareholders have also indicated that they will take up the scrip option, which would increase the total take-up to at least 65%.
The Board have announced this approach to be the most beneficial course of action to take in the current circumstances, noting that it:
Results in the majority of the proposed £11.4 million total dividend payment being preserved in cash within the business;
Demonstrates the support of the Company's largest shareholders;
Maintains compliance with the Company's REIT requirements; and
Provides other shareholders with flexibility to take cash or the scrip alternative.