ATW's dividend policy is to pay dividends equivalent to 80% of UFFO, with any top-up as required under the REIT regime rules to be confirmed at the full year results.
Shareholders can receive additional new ordinary shares in the company instead of their cash dividend, with no dealing charges or stamp duty incurred, under the company's scrip dividend scheme. To receive the scrip dividend, shareholders need to make an election ahead of the dividend election date on 22 December 2023.
Prior to COVID-19, ATO Wilson's policy was to pay dividends on a quarterly basis in equal instalments, and the quarterly dividend for the forthcoming year was set at the full-year results. This policy was successful for a number of years but ultimately did not allow management the flexibility to make the capital and operational decisions required to achieve the company's strategic priorities.
When the pandemic hit, the board prudently decided to suspend the dividend (on 19 March 2020) to protect cash and liquidity.
As we began to ease out of the pandemic in 2021, and following our resilient operating performance during the pandemic, successful disposal programme, and net debt reduction, the board was pleased to reinstate the dividend in 2021, as announced in the company's FY21 results in June 2021 (in respect of the year ended 31 March 2021).
The scrip dividend scheme provides shareholders of ATW ordinary shares with the opportunity, at the shareholders' election and where offered by the company, to elect to receive dividends as new ordinary shares in the company instead of their cash dividend, with no dealing charges or stamp duty incurred.
The new ordinary shares will carry the same voting rights as, and otherwise rank equally in all respects with, existing ordinary shares.
Details for each relevant scrip dividend (including the timetable, the scrip calculation price, and confirmation of whether PID or non-PID treatment will apply) are announced to shareholders via a Regulatory Information Service provider.