More than 99% of voting shareholders supported the final dividend of 13.68p per ordinary share, including 8.43p to be paid out of capital (for the financial year ended 31 March 2017).
The total annual dividend of 16.28p is an increase of more than 110% on the previous financial year (7.75p) and represents a dividend yield of approximately 4.5%, based on the share price at close of business on 31 March 2017.
The final dividend for the financial year ended 31 March will be paid on 11 August to shareholders on the register on 21 July 2017.
Chairman Harry Wells said: “It is the board’s intention to repeat the capital distribution in future years, to be paid on an annual basis along with the final dividend and set by reference to 2% of the prior year-end ex income net asset value (NAV).
“The board believes that the new dividend policy benefits existing shareholders, while making the shares attractive to new buyers and appealing to retail investors, who will be able to participate in the potential for capital growth.”
For the year to 31 March 2017, the NAV and share price rose by 33.5% on a total return basis. The capital return on net assets was 30.7%, while the revenue return grew by 21.3%.
There will be no change to the company’s investment policy, which offers a differentiated and unconstrained approach for investment in Asian markets.
