From: F&C UK High Income Trust plc
Date: 29 June 2017
Dividend and Capital Repayment
The Board of F&C UK High Income Trust plc announces a first quarter dividend of 1.21 pence per share on the A shares of the Company. This dividend will be paid on 4 August 2017 to A shareholders on the register on 7 July 2017. A first quarter capital repayment of 1.21 pence per share will be paid on the B shares of the Company on 4 August 2017 to B shareholders on the register on 7 July 2017. Capital repayments on B shares are paid at the same time and in an amount equal to each dividend paid on an A share.
This represents an increase of 3.4 per cent over the first quarter dividend / capital repayment paid in the prior year. In the absence of unforeseen circumstances, the Company intends to increase each of the remaining three quarterly dividends for the year ending 31 March 2018 by a similar amount.
Based on these intended distributions, the dividend yield on an A share was 4.6 per cent based on the A share price of 107 pence as at 28 June 2017, and the distribution yield on a B share was 4.6 per cent based on the B share price of 106.5 pence on the same date. These yields compare favourably with the yield on the FTSE All-Share Index of 3.6 per cent at the same date. For those shareholders that hold units (each comprising three A shares and one B share) the distribution yield on this unit holding was 4.6 per cent based on a unit price of 424.5 pence as at 28 June 2017.
Following the passing of Resolution 16 at the Company's annual general meeting held on 29 June 2017, approving an amendment to the Company's articles of association, the name of the Company's A shares has been changed to Ordinary shares. It is expected that this change will be reflected on the London Stock Exchange with effect from 08.00 a.m. London time on 30 June 2017. The Company's London Stock Exchange TIDM code, FHI, which was used for the A shares will continue to be used for the ordinary shares. The ISIN and SEDOL number will also remain unchanged.
Philip Webster, Fund Manager
F&C Investment Business Limited
Tel: 0207 628 8000
This information is provided by RNS