New City Energy says its Board have been reviewing the level of likely income from the portfolio of investments. This has been impacted by the sharp fall in the oil price over the last 12 months leading to a number of portfolio companies reducing or cancelling their dividends. The Board have concluded that the current level of annual dividends totalling 2.04p per share is presently unsustainable in the short-term and that an annual level of 1.00p per share is appropriate and will allow the portfolio managers to invest for future growth.
The Company therefore intends to announce four quarterly interim dividend of 0.25p per share in respect of the year ending 30 September 2016. The first of these dividends will be announced with the Company’s Annual Results statement shortly after 15 December 2015
NCE : New City Energy slashes dividend