BB Healthcare Trust plc is targeting a total dividend for the period from incorporation to 30 November 2017 of 3.5 pence per Ordinary Share, with the first dividend intended to be declared in July 2017. BB Healthcare Trust plc will set a target dividend each financial year equal to 3.5 per cent. of Net Asset Value as at the last day of BB Healthcare Trust plc's preceding financial year. The target dividend will be announced at the start of each financial year. This is a target only and not a profit forecast and there can be no assurance that it will be met.
Dividends will be financed through a combination of available net income in each financial year and other reserves. It is currently expected that most of the total annual dividend will be financed from other reserves. In order to increase the distributable reserves available to facilitate the payment of future dividends, BB Healthcare Trust plc has resolved that, conditional upon First Admission and the approval of the Court, the amount standing to the credit of the share premium account of BB Healthcare Trust plc immediately following completion of the First Issue be cancelled and transferred to a special distributable reserve. BB Healthcare Trust plc may, at the discretion of the Board, pay all or part of any future dividends out of this special distributable reserve, taking into account BB Healthcare Trust plc's investment objective.
BB Healthcare Trust plc intends to pay dividends on a semi-annual basis, by way of two equal dividends, with dividends declared in July and February/March and paid in August and March/April in each year.
In accordance with regulation 19 of the Investment Trust (Approved Company) (Tax) Regulations 2011, BB Healthcare Trust plc will not (except to the extent permitted by those regulations) retain more than 15 per cent. of its income (as calculated for UK tax purposes) in respect of an accounting period.