M&G Credit Income Investment Trust plc: Dividend Declaration

M&G Credit Income Investment Trust plc (MGCI) 
M&G Credit Income Investment Trust plc: Dividend Declaration 
 
28-Apr-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
28 April 2020 
 
LEI: 549300E9W63X1E5A3N24 
 
      M&G Credit Income Investment Trust plc 
 
      Dividend Declaration 
 
The Board of M&G Credit Income Investment Trust plc (the "Company") noted in 
         the Company's recent report and accounts its intention to start the 
  quarterly dividends for 2020 at an annual rate of LIBOR plus 2.75%, with a 
   preference to pay them from income and prior capital gains. The Board has 
  considered this in light of the current market environment and the need to 
make decisions that are right for the Company's shareholders over the longer 
            term. 
 
    The Company's investment manager has completed a detailed review of each 
 investment. The Company's interest income has increased during the last few 
         weeks and, whilst its capital value has fallen, the outlook for the 
          portfolio remains strong. The investment manager has expressed its 
     confidence to the Board that it expects to be able to take advantage of 
 favourable opportunities in the current volatile environment, many of which 
            may be in the quoted debt market. 
 
     The Board has therefore determined that it remains appropriate to pay a 
      first quarterly dividend at a rate of LIBOR plus 2.75% per annum, even 
          though this requires a partial distribution from special reserves. 
    Accordingly the Board is pleased to announce an interim dividend of 0.85 
pence per Ordinary Share in respect of the period from 1 January to 31 March 
  2020. The dividend will be paid on 28 May 2020 to ordinary shareholders on 
       the register on 11 May 2020. The ex-dividend date will be 7 May 2020. 
 
    As referred to in Part 7 'Taxation' of the Company's prospectus dated 26 
September 2018, the Directors have chosen to apply the 'streaming' regime to 
    part of the dividend payment. Accordingly, of the dividend declared, the 
         Company has designated 0.72 pence per Ordinary Share as an interest 
            distribution and 0.13 pence per Ordinary Share as a dividend to 
            shareholders. 
 
  The dividend has been calculated by reference to the Company's opening NAV 
    per Ordinary Share as at 1 January 2020, adjusted for the second interim 
            dividend in respect of the last financial period. 
 
The Board continues to work closely with the Company's investment manager to 
 ensure the appropriate oversight of the portfolio and investment processes. 
 
            Enquiries: 
 
            M&G Credit Income Investment Trust plc 0207 954 9529 
   Nicola Lambourne, Link Company Matters Limited, 
                                 Company Secretary 
 
ISIN:           GB00BFYYL325, GB00BFYYT831 
Category Code:  DIV 
TIDM:           MGCI 
LEI Code:       549300E9W63X1E5A3N24 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   60698 
EQS News ID:    1031011 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 28, 2020 02:00 ET (06:00 GMT)