--- title: NSC Media Release | Half Year Results & Dividend Declaration description: NAOS Small Cap Opportunities Company Limited Announces Fully Franked Dividend for the Half Year Ending 31 December 2017 --- ##### [Subscribe to NAOS NEWS & Insights](https://www.naos.com.au/subscribe) [![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/60be9de099c2716fb2efb4a7_naos.svg) ![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/640666256ede5e8ae8e33da0_B-Corp-Logo-Black-RGB.png)](https://blog.naos.com.au/) [Home](https://www.naos.com.au) About [About NAOS](https://www.naos.com.au/about-our-firm) [Our Team](https://www.naos.com.au/about-our-firm#people) [Why invest with NAOS](https://www.naos.com.au/about-our-firm#why-invest) [Our Investment Beliefs](https://www.naos.com.au/about-our-firm#beliefs) [Our Investment Process](https://www.naos.com.au/about-our-firm#how-we-invest) Listed Investment Companies [NCC: NAOS Emerging Opportunities Company Limited](https://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [NSC: NAOS Small Cap Opportunities Company Limited](https://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [NAC: NAOS Ex-50 Opportunities Company Limited](https://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [Our Listed Investment Companies](https://www.naos.com.au/our-lics-compare-our-lics) [How to Invest](https://www.naos.com.au/our-lics-compare-our-lics#how-to-invest) Private Opportunities [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [NAOS Ideas Network](https://www.naos.com.au/naos-ideas-network) E.S.G. 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Pleasingly, the number of listed positions within the portfolio has been reduced to 20 positions with a cash balance of approximately 40.21% as at 31 December 2017. NAOS Chief Investment Officer and Managing Director, Sebastian Evans stated: *‘First and foremost, the key objective of the investment team is to protect our fellow shareholders’ capital, and following this, as adequate investment opportunities arise that we believe offer excellent long-term risk adjusted returns we would expect the cash balance to reduce.’* *Evans further commented ‘We are pleased with the NSC investment portfolio’s transition to a concentrated group, of what we believe are quality undervalued small cap industrial companies.’* The primary focus of the NAOS investment team is to possess a deep understanding and appreciation of the companies in the portfolio and to create and protect investor capital whilst producing meaningful returns over the long term. ### Fully Franked Dividends NSC seeks to provide shareholders with a sustainable stream of dividends franked to the maximum extent possible over the longer term. NSC Chairman Trevor Carroll commented ‘The Board of NSC is pleased to announce an increase in the franking rate to 100%, along with a 2.50 cents per share interim dividend for the half-year.’ Carroll further stated ‘NSC Directors have established initial shareholdings amounting to more than 680,000 shares in the Company and intend to create meaningful positions to further align Directors interests with our shareholders.’ ### Dividend Dates & Dividend Reinvestment Plan (DRP) | Ex Dividend Date | 13 March 2018 | | --- | --- | | Record Date | 14 March 2018 | | Last Date for DRP Election | 15 March 2018 | | Payment Date | 29 March 2018 |   Investors can elect to participate in the Company’s Dividend Reinvestment Plan (DRP). Details of the DRP can be found at www.naos.com.au. To participate in the DRP investors will need to submit their DRP election by 5:00pm Wednesday, 15 March 2018 to Boardroom Pty Limited, the share registry for NSC, either online through InvestorServe, by email to enquiries@boardroomlimited.com.au or fax +61 2 9279 0664. NSC recently announced revised Dividend Reinvestment Plan (DRP) rules. The revised rules allow for DRP shares to be acquired ‘on market’ when the post-tax net tangible assets (NTA) is greater than the share price as at record date, thereby avoiding any potential dilution to the Company’s NTA. New shares will be issued when the share price is greater than the post-tax NTA as at record date. Published: 16 February 2018 ###### [News](https://blog.naos.com.au/news-media/topic/news) [NAOS Reporting](https://blog.naos.com.au/news-media/topic/naos-reporting) ###### Share this post ### Comments ##### NAOS Asset Management ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c362d2f81c4_location-icon-white.svg) Level 34, 25 Martin Place Sydney NSW 2000 ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c121c2f81c8_mail-icon-white.svg) [enquiries@naos.com.au](mailto:enquiries@naos.com.au?subject=NAOS%20Website%20Contact) ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359ce0f62f81c9_phone-icon-white.svg) +61 2 9002 1576 ##### Our Listed Investment Companies [ASX: NCC - NAOS Emerging Oportunities Company Limited](http://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [ASX: NSC - NAOS Small Cap Opportunities Company Limited](http://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [ASX: NAC - NAOS Ex-50 Opportunities Company Limited](http://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [Listed Investment Companies](http://www.naos.com.au/our-lics-compare-our-lics) [Share Registry](https://boardroomlimited.com.au/) [Corporate Governance](http://www.naos.com.au/corporate-governance) ##### More Links [Privacy Policy](http://www.naos.com.au/privacy-policy) [Terms & Conditions](http://www.naos.com.au/terms-conditions) ##### Follow NAOS [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae7e51026d27_twitter-icon-white.svg)](https://twitter.com/naosassetmgmt) [![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c11092f818c_facebook-icon-white.svg)](https://www.facebook.com/NAOSAssetManagement) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae133c026dca_Group%20261.svg)](https://www.linkedin.com/company/naos-asset-management) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5bf6115a4ae34255e68089e1_Asset%201Chart4.svg)](https://www.instagram.com/naos_asset_management/) Join our investment community. 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