Royal Bank of Scotland and Canada Life quash Glanmore dividend

摘要

Dividends from the ￡717m Glanmore Property Fund for private investors were blocked by the fund's lenders last month, as the longstanding restructuring of the vehicle rumbles on. The Royal Bank of Scotland and Canada Life, who have leant a combined total of ￡488m to the fund, vetoed the reintroduction of dividends from the vehicle so the cash can be used to pay down debt instead. In a letter to investors in January, fund chairman Robert Court said: "Further to our last communication, the board made a proposal for a dividend to be declared as at 31 December 2010.