This announcement contains
inside information
Town
Centre Securities PLC
('TCS' or 'The Company')
Interim dividend update and
announcement of a further special interim
dividend
The Company announces both an update
to the interim dividend announced within it's half year results for
the six months ended 31 December 2023 and a further special interim
dividend to be declared and paid before 30 June 2024.
The Company left the REIT regime
with effect from 1 July 2023 but is still required to pay 90% of
the tax exempt profits arising from it's property rental business
during the year to 30 June 2023. This payment is required to be
paid prior to 1 July 2024.
The interim dividend of 2.5 pence
per ordinary share announced with the half year results of the
Company for the six months ended 31 December 2023, which were
published on 20 March 2024, will now be paid out as a Property
Income Distribution ('PID') as opposed to an Ordinary Dividend.
This 2.5 pence per ordinary share distribution will still be paid
out on 14 June 2024 to shareholders on the register on 24 May
2024.
In addition, the Company is
proposing to pay a further special interim dividend of 6 pence per
ordinary share which will satisfy the 90% profits requirement
detailed above for the year to 30 June 2023. This special interim
dividend, based on the shares in issue at 7 May 2024, amounts to
£2.53m and will be paid out of existing cash resources. This
special interim dividend will also be paid out as a PID on 14 June
2024 to shareholders on the register on 24 May 2024. This special
interim dividend is a one-off payment and will be the last PID paid
out by the Company in accordance with the REIT regime
requirements.
Following these two distributions, the Company
is unlikely to pay a final dividend for the year ended 30 June
2024. For the year ending 30 June 2025 and onwards the Company
expects to return to paying regular dividends every six months,
with the next payment expected to be the interim dividend to be
announced in March 2025. These future dividends will be Ordinary
Dividends and will be broadly split across two equal payments each
year. This dividend policy will not have a fixed payout ratio. The
Board will continue to regularly review capital allocations to
optimise long‐term returns for Shareholders and, in addition to
paying regular Ordinary Dividends, will also explore other options
for returning cash to Shareholders where appropriate.
ENDS
For further information, please
contact:
Town Centre Securities
PLC
www.tcs-plc.co.uk
/ @TCS PLC
Edward Ziff, Chairman and Chief
Executive
0113
222 1234
Stewart MacNeill, Group Finance
Director
MHP
Communications 020
3128 8100
Reg Hoare / Matthew
Taylor
tcs@mhpgroup.com
Notes
to Editors:
Town Centre
Securities PLC (TCS) is a Leeds,
Manchester, Glasgow and London based property investment and car
parking operator with assets of £300m. With more than 60 years'
experience, a commitment to sustainable development and a
reputation for quality and innovation, TCS create mixed use
developments close to transport hubs in major cities across the
UK.
For more information visit www.tcs-plc.co.uk
