The board of Plato Income Maximiser (PL8), a listed investment company (LIC), has announced an increase in its special dividend to three cents per share which drove the annual dividend to 11.9 per cent, the firm said.
The board said its decision to increase the dividend from one cent per share to three cents was a result of the bumper dividend payments from which PL8 benefitted and which were made by its portfolio holdings over the previous six months.
The firm also decided to pay a special dividend given the potential adverse impact on many of the company’s shareholders from the ALP’s proposals on franking credits, should they come into effect from 1 July.
“Plato’s active income strategy has successfully delivered a high level of income to its investors since its inception and has actively reaped this latest dividend bonanza. This current financial year will be a record for dividend payments in Australia,” Don Hamson, PL8 and Plato Investment Management’s managing director, said.
“The company is pleased to share the increased returns with our shareholders.”