Scottish Investment Trust dips into revenue reserves as it reinstates dividend – Scottish Investment Trust (SCIN) has posted its results for the year to 31 October 2021. During the period, its share price total return was 24.3% and the net asset value per share (NAV) total return (with borrowings at market value) was 15.9%. The company does not have a formal benchmark but, by way of comparison, the sterling total return of the international MSCI All Country World Index (ACWI) was 29.5%.
Over the past year, earnings per share increased by 5.0% to 22.8p.
Businesses have begun the process of resuming dividend distributions that were paused in response to the pandemic and the company will utilise a small portion of its revenue reserve in this financial year to cover the regular dividend.
The board recommends a final dividend of 7.0p which, if approved, will mean that the total regular dividend for the year will increase by 5.2% to 24.4p. The current dividend policy will remain unchanged until the upcoming combination is implemented, although the timing of any dividend payments may vary from previous years.
Shareholders approved the proposal that JPMorgan Funds Limited be appointed as the company’s manager and a new investment strategy be adopted ahead of the combination of assets with JPMorgan Global Growth & Income. It is anticipated that the change will take place around 21 January 2022, shortly before the upcoming Annual General Meeting, and that the combination with JGGI will be undertaken at the end of the first quarter of 2022.
SCIN : Scottish Investment Trust dips into revenue reserves as it reinstates dividend