The Board of Sydney Renewable Power Company (SRPC), has declared a dividend of $275 per share will be paid on 21 March 2018. The dividend will be 100% franked.
Key dates are as follows:
Dividend declared 4 April 2018
Record date 4 April 2018
Ex dividend date 5 April 2018
Payment date 20 April 2018
The dividend will be paid to shareholders via EFT.
The Board’s decision to pay the maiden dividend earlier than forecast in the October 2016 Offer Information Statement (OIS) reflects our commitment to return cash to shareholders in a timely manner.
In declaring this maiden dividend, a range of factors were considered including SRPC’s operating results, cash flows and the financial condition of SRPC. Pleasingly, the PV Array performed ahead of management expectations and revenue received for the sale of the LGC’s has also been higher than forecast. This has enabled the declaration of a dividend that is approximately 4.2 times the minimum dividend forecast in the OIS for the period ending 30 June 2018.
In the future, the Board intends to consider SRPC’s ability to pay a dividend on an annual basis in the third quarter of each financial year. The Board will also consider the opportunity for capital returns. In the event that the Board propose a capital return, shareholder approval will be sort at the following Annual General Meeting. .
The Board is interested in shareholders feedback in relation to a number of topics. This will help them determine how they can best serve the interests and objectives of shareholders.
Shareholders have been invited to take the time to complete our 2-minute survey that asks if you would like the option of;
- buying LGC’s directly from SRPC in order to offset your own carbon usage? SRPC would be willing to sell LGC’s to shareholders at the spot market price.
- donating your dividend income into a pool of funds that SRPC could use to undertake feasibility studies of SRPC sponsored projects? Examples of such projects include assessing the feasibility of a PV Array on the roof of multi-arts spaces.
- contributing you dividend income to a fund that increases the capacity of renewable energy for low income housing in Sydney. For example, funds could be directed towards increasing the number of dwellings the City of Sydney’s ‘Smart Green Apartments’ could fund.
The payment of this dividend brings to a close the first full twelve-month operating period for SRPC. The Directors were pleased to see the PV Array perform ahead of forecast, and whilst of course, nothing is certain in this life, they believe SRPC is entering the 2018 calendar year with confidence in SRPC’s revenues and operating model.
All communications will continue to be emailed to shareholders and posted on our website.
The Board would like to thank shareholders for their support over the past 18 months. SPRC appreciates there are risks in investing in an investment such as this but feel that SRPC is positioned to deliver the social, environmental and financial returns it was designed to do.