5 February 2024
CVC Income & Growth
Limited (the "Company")
(a
closed-ended investment company incorporated in Jersey with
registration number 112635)
Registered Office: IFC 1, The Esplanade, St Helier, Jersey,
JE1 4BP
Increase in Annual Dividend
Targets
The information contained within
this announcement constitutes inside information.
Further to the Company's
announcement made on 7 March 2023, the Board of Directors has
completed its periodic review of the Company's annual dividend
targets. As a consequence, the Company's annual dividend targets
are being increased to 8.25p per ordinary Sterling Share and
7.25c per ordinary Euro Share with immediate effect. This
means that the Company's quarterly dividends will be increased to
2.0625p per Sterling Share and 1.8125c per Euro Share, including
the Company's first quarter 2024 dividends, payable in the second
quarter of 2024.
The Chairman of the Company,
Richard Boléat, commented: "The
Board of Directors continues to give detailed consideration, not
only to the current cash yield of the Investment Vehicle's
underlying portfolio by principal reference to its weighted average
coupon, but also to market expectations around future trends in
default rates and the direction of risk-free rates in the Company's
chosen markets, given the Company's predominantly floating rate
exposure. The Board is mindful that shareholders expect changes to
dividend targets to be made on a sustainable basis, and thus, in
the absence of significant and relevant unexpected macroeconomic or
geopolitical events, the Company's annual dividend targets will not
be changed for at least the next 12 months."
Mr Boléat added "The Board of Directors also wishes to
reconfirm that, in the event that the Investment Vehicle portfolio
produces surplus cash income beyond that currently anticipated, an
upwards only adjustment will, if appropriate, be made to the
Company's fourth quarter 2024 dividends payable in the first
quarter of 2025, in a manner similar to that recently announced in
respect of the fourth quarter of 2023. There should be no
expectation as to the level of any such adjustments or indeed
whether such adjustments will arise at all."
The person responsible for arranging
for the release of this announcement on behalf of the Company is
Sharon A Williams of BNP Paribas S.A., Jersey Branch, Company
Secretary.
Enquiries:
CVC
Income & Growth Limited:
44 (0)1534 625
522
Richard Boléat
BNP
Paribas S.A., Jersey Branch:
cvccpeolcosec@bnpparibas.com