Posted on: 26 September 2015
The Baltic Exchange has today announced in a letter to shareholders that it will be paying an 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 as the main reason for the payment the stable financial position and dividend performance of the company. He also says that shares trade at low prices relative to the asset value of the company and its trading and dividend performance.
He expresses 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 as at 31 March 2015 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 last valued in 2013.
Meanwhile, the Baltic Exchange has also announced that its Chief Executive, Jeremy Penn will step down from the position next summer after over 12.5 years in the role.
“Jeremy advised the Board some time ago of his plans and we will of course be sorry to lose him. We are now in a position to launch a formal search for his successor, which will be managed by Odgers Berndtson,” said Guy Campbell, Chairman of the Baltic Exchange.
Jeremy Penn commented: “It has been a privilege to work for the interest of the Baltic, its members and shareholders for the last 12 years and in many ways I shall be sorry to go. However, now is the time to give myself the opportunity to pursue other projects and interests, some of which will certainly be in shipping.”
