Statement re Amended Dividend Policy
CQS RIG FINANCE FUND LIMITED
Amended Dividend Policy
The Board of Directors announced on 9 September 2011 a Dividend Policy seeking to pay regular cash distributions in the form of semi-annual dividend payments targeting dividends equivalent to an annual yield of 4 per cent of the Net Asset Value per Share at the start of each financial year.
The Board of Directors declared on 9 September 2011 an interim dividend of 0.55 pence per ordinary share of no par value ("Share") in respect of the financial year ended 30 September 2011, which was paid to shareholders on 7 November 2011.
The Board of Directors announced on 20 December 2011 their recommendation for the payment of a final dividend of 0.60 pence per Share in respect of the financial year ended 30 September 2011, to be paid on 11 April 2012, subject to shareholder approval at the Annual General Meeting on 6 March 2012. If approved by shareholders, the total dividend payments for the financial year ended 30 September 2011 will total 1.15 pence per Share or a yield of 4.2% based on the Net Asset Value per Share of 27.64 pence on 1 October 2010.
The Company has continued to increase the proportion of performing assets in its investment portfolio, increasing the income generating component to approximately 98% of the long market value as at 31 January 2012. As a result, the Board of Directors today announces that the Company intends to amend the Dividend Policy and increase the regular cash distributions in the form of semi-annual dividend payments to target dividends equivalent to an annual yield of 5 per cent of the Net asset Value per Share at the start of each financial year.
This Dividend Policy will be applied to the current financial year and based on the opening Net Asset Value per share on 1st October 2011 of 27.59 pence, a 5% yield would equate to approximately 1.38 pence per Share for the year to September 2012.
Kleinwort Benson (Channel Islands) Fund Services Ltd
Tel: +44 (0)1481 710 607
Alastair Moreton/Hannah Young
NOMAD and Broker
Westhouse Securities Limited
Tel: +44 (0)20 7601 6118
Date: 14 February 2012
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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE