The Baltic Exchange has revealed to its shareholders that it will be paying a large interim dividend of £20 per share.
A total of £9.7 million will be distributed to the company’s 380 shareholders.
In a letter to shareholders, Chairman Guy Campbell cites the stable financial position and dividend performance of the company as the main reasons for the payment. He also says that shares trade at low prices relative to the asset value of the company and its trading and dividend performance. He expressed concern that despite the good investment performance of the company in recent years, a lack of perceived need for the funds and the increasingly difficult investment environment make it “inappropriate” for the Board to continue to be responsible for such a large investment portfolio.
The Annual Report of the Baltic Exchange states that from March 2015 this year the market value of its investments was £19.9 million pounds. The Baltic also owns the building it occupies at 38 St Mary Axe, which the report states was worth £16.0 million when it was last valued in 2013.