The Board of UK Mortgages Limited announced that with immediate effect the Company’s dividend policy is amended to target a minimum of 1.125 pence per share per quarter, which would represent a dividend yield of 5.6% based on the closing share price of 80 pence on 21 June 2019. This policy change forms a component of broader proposals that the Board intend to publish as soon as possible, and as necessary put forward for shareholder approval at an extraordinary general meeting, aimed principally at delivering a sustainable level of dividends and rebuilding the Company’s net asset value over time. The proposals are expected to include a change of investment policy to provide greater flexibility with regards to the leverage strategy (recognising the high quality of the asset portfolio that has been compiled since the Company’s IPO) and also to enable more efficient cash management (through the acquisition of highly liquid senior asset-backed securities in addition to the current ability to hold cash and near cash instruments).