Ground Rents Income Fund (GRIO) has today released its Interim Results for the period ending 31 March 2021. The NAV fell by 1.1% to £101.4m (104.5 pps). Dividends of 1.98p have been paid over the six month period, but going forward the Board have announced that they will be reducing the annual dividend target to 3.0pps and expect the dividend to be fully covered by the year ending 30 Sep 2022. At the AGM in March, shareholders approved the authority for the Company to purchase up to 14.99% of its issued share capital. Following the release of its Interim Results today the Board believe that the discount between the prevailing price and NAV of approximately 30% is attractive and therefore will commence an open market share buyback programme. Potential resolution of Beetham Tower could add approx. 2.7p to the NAV
