Keystone says its total return to shareholders over the year to 30 September 2016 was 1.3%, based on the share price with dividends reinvested. Whilst this was a marginally positive return it was some way behind the benchmark which returned 16.8%. The total return on the underlying NAV was 5.6% with debt at par value and 5.2% with debt at market (fair) value, thus part of the share price underperformance coming from a widening of the discount. The Board has declared a second interim dividend, in lieu of a final, of 35p per share (2015: 33p), giving a total ordinary dividend for the year of 53p per share (2015: 51p). There is also a 5.3p special dividend (2015: 12.3p).
The results statement cuts out soon after the chairman’s statement but we are sure there’ll be more information in the annual report when it gets published.
KIT : Keystone struggles