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Dividend Declaration

Released 07:00 06-Jun-2019

RNS Number : 2671B
TOC Property Backed Lendng Tst PLC
06 June 2019

For release on 6 June 2019



Dividend Declaration


The Board of Directors (the "Board") of TOC Property Backed Lending Trust (the "Company" or "PBLT") has declared an interim dividend of 1.50 pence per ordinary share in respect of the period from 1 March 2019 to 31 May 2019.



Distribution period:

1 March 2019 - 31 May 2019

Distribution amount per share:

1.50 pence

Ex-dividend date:

13 June 2019

Dividend record date:

14 June 2019

Payment date:

4 July 2019



In light of the slow down in the property market and wider political uncertainties, the Board concluded that it would be prudent to reduce the level of interim dividend being paid from 1.75 pence per ordinary share in respect of the same period last year to 1.50 pence per ordinary share this year.


In the absence of unforeseen circumstances, the Company expects to declare a third interim dividend of 1.50 pence per ordinary share. The level of the fourth interim dividend, expected to be at least 1.50 pence per share and paid in January 2020, will be considered in the light of the circumstances then prevailing.


The above dividend targets are targets only and not profit forecasts.  There can be no assurances that the targets can or will be met and this should not be taken as an indication of the Company's expected or future profitability.


For further information regarding the Company (Ticker: PBLT) (LEI: 213800EXPWANYN3NEV68) please call:


Tier One Capital Ltd (Investment Adviser)

Ian McElroy

+44 (0) 191 222 0099

finnCap Ltd (Sponsor, Broker and Financial Adviser)

William Marle / Grant Bergman

+44 (0) 207 220 0500


Maitland Administration Services (Scotland) Limited (Secretary)

Martin Cassels

+44 (0) 131 550 3765



Notes to Editors:


TOC Property Backed Lending Trust PLC is a closed-end investment company. Its investment objective is to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term while managing downside risk through: (i) a diversified portfolio of fixed rate loans predominantly secured over land and/or property in the UK; and (ii) in many cases, receiving the benefit of an associated profit share usually obtained by acquiring (at nil cost) a minority equity stake in the relevant borrower project development vehicle.

The Company's investment adviser is Tier One Capital Limited ("Tier One" or the "Investment Adviser"). Tier One was launched by former Barclays Wealth and Coutts & Co directors Stephen Black and Ian McElroy in early 2013. Both Stephen and Ian have extensive credit experience, much of which was gained in a difficult financial climate. Tier One has developed a direct lending offering that provides an opportunity which sits between conventional lending and the emerging peer-to-peer platform market. Tier One uses its direct lending and credit expertise to source funds for borrowers, broker facility agreements and then offer continued support and guidance to borrowers through the lifespan of their loan.

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Dividend Declaration - RNS