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CLS Holdings PLC on Wednesday announced an updated dividend policy for 2022, following the conversion of its UK business to a real estate investment trust.
CLS Holdings shares were up 7.1% at 206.00 pence each on Wednesday morning in London, while the wider FTSE 250 index was up just 0.8%.
The UK, Germany and France-focused property investor said it will maintain a progressive dividend policy, with a dividend cover of 1.2 to 1.6 times EPRA earnings, compared with 1.5 to 2.0 times.
It is expected that 2022 dividend cover will be around the middle of the new range.
Chair Executive Officer Fredrik Widlund said: ‘I am pleased to announce an enhancement to our dividend policy following the conversion of our UK business to a REIT, which will be applied to all future dividends until further notice.’
In March, CLS declared a final dividend of 5.35 pence per share, bringing the total payout to 7.70p, up 2.0% from 7.55p.
It posted a pretax profit of £91.5 million, down 5.2% from £96.5 million in 2020, due to a net revaluation movement on investment property of £28.5 million, down from £31.5 million.
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