CVC Credit Partners European Opportunities has announced that, in the light of the Company’s total return performance in 2016 and year to date 2017, its Board of Directors has revised the Company’s dividend target from the current level of 5 pence / 5 Euro-cents per ordinary share, to target a dividend of 5.5 pence / 5.5 Euro-cents per Share per annum, which it says is equivalent to a yield of approximately 5 per cent. on the current NAV per Share. The company says that it expects that the first dividend to be declared under the new target will be in respect of the quarter ending 30 June 2017 and will be payable on or around 1 September 2017.
The Company has also announced that it is undertaking a placing of its shares that are currently held in treasury. The company says that the placing follows an extended period of strong performance by the Company, which has seen the Company reissue 2.7 million Sterling Treasury Shares at a premium to NAV per Share. Pursuant to the Placing, the Company says that it may sell Sterling and/or Euro Treasury Shares, depending on demand, and any Treasury Shares sold will be sold at a price that is equal to a 0.75% premium to the last-published cum-income NAV per Share as at the time the Placing closes. The costs of the Placing will be met out of the premium. Following completion of the Placing, the Board says that it reserves the right to cancel any or all of the remaining Treasury Shares.
CCPE : CVC Credit Partners European Opportunities announces change to dividend target and Intention to raise capital