The Board of global equities listed investment company Pengana International Equities Limited (ASX: PIA) today announced a move to a quarterly dividend schedule.
Today’s announcement follows the May 2020 mandate change to manage the Company’s portfolio with the specific additional aim of delivering fully franked dividends.
PIA Chair, Frank Gooch said: “Australian shareholders are facing a significant reduction in dividend income, as the COVID-19 pandemic has seen boards under pressure attempting to fortify their balance sheets by deferring, reducing or cancelling dividends altogether.
“PIA’s corporate structure, ungeared balance sheet and investment strategy place PIA in a unique position to deliver a reliable stream of franked dividends and capital growth.”
“We are keenly aware of the importance our shareholders place on stable, fully franked dividends. The increased frequency of dividend payments will assist our shareholder base to manage their cash flow needs in an environment where yield is becoming harder to achieve”.
PIA is committed to paying stable, fully franked dividends and remains confident that the reset dividend base of 5 cents per share is sustainable over the medium to long term. The Company confirmed today that it continues to hold profit reserves in excess of $114 million and that it currently holds sufficient franking credits to fully frank another annual dividend of 5 cents per share.
It is intended that interim dividends will be paid in January, April and July while the final dividend will continue to be paid in October.