28 March 2024
2023 Second Half-Year
Dividend
The Board of International Public
Partnerships Limited ('INPP', 'the Company'), the FTSE 250 listed infrastructure
investment company, declares the following distribution:
|
Distribution paid in respect of the
period:
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1 July 2023 - 31 December
2023
|
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Distribution amount per
share:
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4.07 pence
|
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Ex-dividend date:
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11 April 2024
|
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Dividend record date:
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12 April 2024
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Payment date/Allotment of
scrip:
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13 June 2024
|
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Scrip Alternative in
operation:
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No. Please see further information
below.
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Acknowledging the recent higher
levels of inflation, the Company decided to increase its 2023
dividend to 8.13 pence per share, representing a 5% increase
compared to the 2022 dividend. The dividend in respect of the six
months to 31 December 2023 of 4.07 pence per share is expected to
be paid on 13 June 2024.
2024 and 2025 Full Year Distributions
Inflation remained elevated during
2023 and although it has now moderated, the Board has decided to
increase the 2024 dividend target to 8.37 pence per share
reflecting growth of 3% (previously 2.5%) compared to the 2023
dividend. The increase in the target dividend for 2024 takes into
account the Company's ambitions to sustainably grow dividends over
the long term, whilst providing full dividend cash coverage from
net operating cash flow before capital activity.
Beyond 2024, the Board is
forecasting to continue its long-term projected annual dividend
growth rate of 2.5% such that the 2025 dividend target is 8.58
pence per share.
Scrip Dividend Alternative
As at 27 March 2024, the Company's
shares were trading at 125.6 pence per share, which is lower than
the last published Net Asset Value ('NAV') of 152.6 pence per share
as at 31 December 2023. 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 4.07 pence per share on the record date (12
April 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:
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Erica Sibree
Amber Fund Management
Limited
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+44 (0) 7557 676 499
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About International Public Partnerships
('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 over 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.