Despite the uncertain economic environment, the Palace Capital Board made the decision to reinstate continuous quarterly dividends in the year as a result of the strong rent collection and the strength of the Group's balance sheet. Subsequently, the Board is recommending a final quarterly dividend of 3.0p per share to be paid 5 August 2021 to shareholders registered at the close of business on 2 July 2021. The full year dividend, when taking account of the quarterly dividends paid in October 2020, December 2020 and April 2021, will total 10.5p, representing a 4.4% yield on the share price at 31 March 2021 and ensuring the dividend is covered by earnings by 1.6x. They expect the final dividend to be the minimum level of dividend to be paid to shareholders each quarter for the year ending 31 March 2022.
Other financial highlights include:
95% of rents due collected during the year, with significant support provided where required to tenants, totalling £1.1m of rent concessions and deferrals. Strong balance sheet with cash reserves and immediately available facilities of £14.4 million.
£30m disposal programme well underway with £9.4m worth of assets either exchanged or completed since year end, all at a premium to book value. Proceeds to be recycled in accordance with our strict acquisition criteria.
Flagship development at Hudson Quarter, York completed on budget on 20 April. Over 39% of 127 apartments sold or under offer to date to the value of £14.9m and 4,781 sq ft of office space let at record rent with strong demand for the remaining space.