(Trinidad Express) – CLICO Investment Fund (CIF) unit holders will receive their second semi-annual dividend payment on August 21.
The Trinidad and Tobago Stock Exchange (TTSE) issued a release on Wednesday with the interim dividend timetable for the CIF.
July 25 is the ex-dividend date; July 29 is the record date; and August 21 is the payment date.
The dividend payment is to be $0.32 per unit. The first payment was on February 21 and was $0.56 per unit. The total dividend payout thus far will be $0.88.
The ex-dividend date is the first day following the declaration of a dividend, on which the buyer of the stock is not entitled to receive the next dividend payment (that is, the previous owner of the stock still gets to benefit from the dividend payout. The record date is usually a few days after, allowing the transfer process to settle and be properly recorded, and a list of entitled shareholders is made who will receive dividend benefits.
“Any unit holder who sells his/her units on or before July 24 will not be entitled to be paid this final dividend. It is important to note that this payment, when added to the interim dividend of $0.56 paid in February, will bring the total dividends paid for the year to $0.88 and represents a return on investment or yield of 3.52 per cent to its conversion price of $25.00 and 3.91 per cent to its market price of $22.50. It is also noteworthy that at $22.50, the CIF is still trading at a significant discount of $2.50 or ten per cent to its conversion price and $2.92 or 11.48 percent to its net asset value (NAV) of $25.42,” chairman of CLICO Policyholders Group Peter Permell said in a release yesterday.
The CIF debuted on January 7 with 204 million units listed at a price of $25 per unit, and closed the day with 300 units being sold at a market price of $24.90.
On Wednesday, it closed the trading day at $22.50.
