- Investment company Spheria Emerging Companies (SEC) announces an initial quarterly dividend of 2.5 cents per share for the period ending September 30
- The dividend will be fully franked and payable on October 29
- The move aligns with SEC’s intentions to pay shareholders dividends on a quarterly basis subject to available profits, cash flow and franking credits
- Despite the news, shares have closed down 0.41 per cent at $2.44
Spheria Emerging Companies (SEC) says it will pay shareholders an initial quarterly dividend of 2.5 cents per share for the period ended September 30.
SEC is an investment company that provides investors with access to an actively managed portfolio of small and micro companies in Australia and New Zealand.
The dividend will be fully franked at the corporate tax rate of 30 per cent and payable on October 29.
SEC said the payment aligned with its intention to pay dividends on a quarterly basis at one per cent of its net tangible assets (NTA) — subject to available profits, cash flow and franking credits.
Commenting on the news, Spheria’s chairman Jonathan Trollip said the company was delighted to announce the initial dividend.
“The board recognises the attractiveness of regular dividends to shareholders and is pleased that the company’s healthy balance sheet position has made the payment of quarterly dividends to our shareholders possible,” he said.
Spheria said its board would continue to monitor the company’s dividend policy based on prevailing market conditions and its effectiveness at closing the discount of the company’s share price to NTA.
Despite the announcement shares closed down 0.41 per cent at $2.44 each on October 15.