Plato triples special dividend
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.”
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.