Clime Capital cuts June quarter dividend
Clime Capital Limited (CAM) has announced a 16% YoY cut to the fully franked June quarter dividend. The declared 1.05cps distribution is a 19% decrease from the 1.30cps fully franked March 2020 dividend. The Board referred to withdrawn and delayed dividends from the underlying companies in the CAM portfolio as a reason for the cut, whilst reassuring shareholders that the LIC retains a significant profit reserve for the declaration of future dividends. At the end of 2019, CAM had a profit reserve of $15.9m and a franking credit balance of $727k.
Golden performance in 2020
Lowell Resources Fund (LRT) provides investors with access to a diversified portfolio of Australian and international junior resources companies. The extreme volatility and equity market sell-off has benefited LRT and the heavy gold weight in the portfolio, which has increased from ~40% to ~60% over the first 5 months of 2020. As at 17 June, the LRT unit price and NAV had increased 105.6% and 69.8%, respectively, in 2020. LRT closed the week 8.4% off the high experienced on 17 June.
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