On the 3 February the Board declared a 6.5 cent fully franked half-year dividend. This interim dividend equated to a 7.8% annualised fully franked yield or a 11.1% gross yield (grossed up for franking credits) based on the share price on the date of the announcement of $1.795 per share. After paying this dividend the Company still has 29 cents per share of profits reserves to pay future dividends.
The Ex-Date for the dividend is 16 October 2023. The payment date for the dividend is 31 October 2023.
The dividend re-investment plan (DRP) will be in operation for this final dividend. The DRP will be priced at the weighted average share price over the relevant DRP pricing period. The Company intends to implement an on-market buy-back to buy-back the shares it issues under the DRP. This buy-back will operate when the CDO share price is trading at a discount to the Pre-Tax NTA. Cadence Opportunities Fund Limited is looking to support its DRP registered shareholders to reinvest their dividends at a discount to NTA, instead of leaving them to manage market orders for reinvesting their dividends.
If you are not registered for the DRP and you would like to participate, please contact Boardroom on 1300737760.
The Board of the Company is committed to paying a continuous and growing stream of fully franked dividends to shareholders provided the Company is able, has sufficient franking credits and it is within prudent business practices.
Dividends are paid on a six-monthly basis.
The Board may from time-to-time pay Special dividends if deemed prudent to do so.
Dividend Reinvestment Plan
The Company operates a Dividend Reinvestment Plan (DRP) which is available to shareholders for both the Interim and Final Dividend.
More information, including the DRP Election Form, can be found in the Dividend Reinvestment Plan section.
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