Funding Circle SME Income Fund has published its first set off accounts, covering the period from launch to 31 March 2016. At the end of the period the NAV was 98.85p and the share price 93p putting the shares on a 5.9% discount.
They said at IPO that they were targeting an annual dividend of between 6 pence and 7 pence once fully invested. The company’s performance to date and the projected earnings over the next twelve months enabled us to declare an initial dividend of 1 pence. They continue to anticipate paying dividends at a rate of 1.5 pence to 1.75 pence in respect of each subsequent quarter. They expect that dividend yield on a cumulative basis will be 6% to 7% based on the current share price. They say it is their intention to adopt a progressive dividend policy to the extent that the company’s future performance permits.
The portfolio is “producing yields and experiencing delinquency levels in line with those anticipated at the time of the IPO”.
FCIF : Funding Circle SME Income says things on track