In fact, following feedback from investors as part of the marketing of a placing and open offer of a five year zero dividend preference share issue, and a proposed issue of convertible unsecured loan stock, the company’s chief executive Geoff Miller has resigned and has been be replaced by executive director Andy Whelan pending the appointment of a permanent replacement. The proposed fundraising has been scrapped too.
The board have reassessed their overall strategy and will now aim to maximise the value in the 19 platform investments the company has made by supporting and developing those platforms with the greatest potential to generate incremental value. They have also sensibly assessed the ability of the company to pay a dividend while also offering the financial flexibility to support the rapidly growing portfolio of platform assets. As a result, the board are proposing to declare an annual dividend of not less than 2.5p a share, payable on a quarterly basis.