5 September 2024
2024 First Half-Year Dividend
The Directors of the Company (the 'Board') of International Public Partnerships Limited ('INPP', the 'Company'), the FTSE 250 listed infrastructure investment company, declares the following dividend:
| Dividend paid in respect of the period: | 1 January 2024 - 30 June 2024 |
| Dividend amount per share: | 4.18 pence |
| Ex-dividend date: | 12 September 2024 |
| Dividend record date: | 13 September 2024 |
| Payment date: | 19 December 2024 |
| Scrip alternative in operation: | No. Please see further information below. |
2024 and 2025 dividend targets
The 2024 first half year dividend of 4.18 pence per share is in line with the target previously outlined by the Board.
The target for the second and final dividend in respect of 2024 is currently 4.19 pence per share and is anticipated to be announced in March 2025 and paid in June 2025. This would bring the total dividends paid in respect of 2024 to 8.37 pence per share which is in line with guidance provided previously.
Beyond 2024, the Board will keep the Company's dividend policy under review, nevertheless, it is currently forecasting to continue its long-term projected dividend growth rate of c.2.5%, such that the 2025 dividend target is 8.58 pence per share.
Increase in dividend frequency
The Board is pleased to announce that, commencing in 2025, the Company intends to increase the frequency of its dividend payments, from semi-annually to quarterly. The second and final dividend in respect of 2024 is anticipated to be announced in March 2025 and paid in June 2025. This will be the final dividend paid on a six-monthly basis. Following this, dividends will be paid quarterly, commencing with the first of four interim dividends for the financial year 2025 in September 2025.
Scrip dividend alternative
As at 4 September 2024, the Company's shares were trading at 127.6 pence per share, which is lower than the last published Net Asset Value ('NAV') of 149.5 pence per share as at 30 June 2024. Accordingly, the Board does not consider it to be in the best interests of shareholders to offer a scrip dividend alternative on this occasion. All shareholders entitled to receive a dividend of 4.18 pence per share on the record date (13 September 2024) will receive their dividend in cash.
Note: The above distribution guidance is provided by the Company in consultation with its Investment Adviser as a target only and is not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions whatsoever. The times and dates in this announcement are expected times and dates only and are subject to change. The Board will continue to review whether scrip dividends are appropriate for future dividends. Any such changes will be notified to shareholders through a regulatory information service.
For further information:
| Erica Sibree/Amy Edwards Amber Fund Management Limited | +44 (0) 7557 676 499 / (0) 7827 238 355 |
About INPP:
INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia, New Zealand and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of approximately 180 staff who are responsible for the management of, advice on and origination of infrastructure investments.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
