Sandon Capital Declares Special Dividend & Further Aligns Interests with Shareholders

August 18, 2021

Sandon Capital Investments Limited (ASX: SNC) has declared a fully franked special dividend of 1 cent per share (cps) in addition to the full franked FY21 final dividend of 2.75cps. The Board anticipates paying an interim FY22 dividend of 2.75cps, fully franked, subject to the Company having sufficient profit reserves, franking credits and it is within prudent business practices. This would represent a 10% increase on the FY21 interim dividend. SNC currently has 32.1cps in profits reserves and more than 9cps in franking credit.

In addition to this, the Manager (Sandon Capital Pty Ltd) announced that from FY22 onwards, the Manager intends to invest at least 50% of the after-tax proceeds of performance fees earned from SNC in SNC shares. Shares will be purchased on-market and will be acquired after the payment of the relevant performance fee where SNC’s share price is trading at a discount to its after-tax NTA. The Manager and entities associated with its directors and shareholders currently have in excess of $7.3m invested in funds managed by Sandon Capital Pty Ltd, including 2.1m SNC shares.