- Investment trust TOC Property Backed Lending Trust said its performance slipped in the first half and scrapped its dividends for the second and third quarters.

The company's net asset value per share total return for the six months through May fell 0.6%.

TOC said that while it held sufficient cash reserves to meet all current commitments, it considered it necessary to maintain increased levels of liquidity.

'It has therefore been decided not to declare what would have under more normal conditions been the second and third quarterly dividends for the financial year to 30 November 2020,' the company said.

'It is intended that a final balancing payment be made the end of the current financial year so as to at least fulfil the investment trust qualification requirements.'

TOC said it was reviewing its current strategy, given a 'constantly evolving investment backdrop'.

The results of the review would be announced before the end of the current financial year.

At 9:52am: [LON:PBLT] TOC Property Backed Lending Trust Plc share price was 0p at 86p

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