Fund manager delivers itself ultimate discretion on dividends
Reflecting current market conditions, fund manager Fat Prophets has changed its dividend policy.
The company has announced to the Australian Securities Exchange (ASX) that the dividend policy applying to the Fat Prophets Global Contrarian Fund is to be changed because it is “prudent and necessary”.
It said that, accordingly, the Board of FPC “has resolved to immediately replace the current policy of paying fully franked dividends with a new dividend framework that more closely aligns management’s interest with those of shareholders”.
The fund manager said this marked a significant shift from the existing policy which had been in place since 26 October, 2020.
It said that under the new arrangements, the board intends to declare and pay dividends when it considers it appropriate and when the company has available profit reserves.
“Dividends may be declared and paid at any time and may take the form of interim (half-year). Final (full-year) or special dividends,” the announcement said. “They may be fully ranked, partially franked or unfranked, depending on the company’s franking account balance and other relevant considerations.”
“The Board retains full discretion over the time, amount and form of any dividend, and will exercise this discretion in accordance with prudent business practices and the company’s investment mandate,” it said,
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