Polymetal International PLC Final dividend and approval of revised policy (5131Z)
15 March 2017 - 6:08PM
UK Regulatory
TIDMPOLY
RNS Number : 5131Z
Polymetal International PLC
15 March 2017
Release time IMMEDIATE
Date 15 March 2017
Polymetal International plc
Final dividend declaration of US$ 0.18 per share and approval of
revised dividend policy
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") is pleased to announce that the Board of Directors of
the Company has recommended the payment of a final dividend of US$
0.18 per share for the year ended 31 December 2016 and has approved
a revised dividend policy.
Dividend declaration
In accordance with the Company's dividend policy, the Directors
of Polymetal are proposing the payment of a final dividend of US$
0.18 per ordinary share (approx. US$ 77 million) for the year ended
31 December 2016 (2015: US$ 0.13), representing 30% of the Group's
underlying net income for the 2H 2016.
This will bring total dividends for the year to US$ 0.42 per
ordinary share, or US$ 180 million.
The final dividend will be subject to shareholder approval at
the Annual General Meeting of the Company to be held on 16 May
2017. Assuming shareholder approval is received, the dividend will
be paid on 26 May 2017 in US Dollars, with an option for
shareholders to elect to receive the dividend in pounds sterling.
Such an election should be made no later than 8 May 2017. Payments
in pounds sterling will be based on the USD/GBP exchange rate
determined by the Company on 11 May 2017 and announced immediately
thereafter.
Details
EX DIV DATE: 4 May 2017
RECORD DATE: 5 May 2017
LAST DATE FOR CURRENCY ELECTION: 8 May 2017
PAYMENT DATE: 26 May 2017
The Company's issued share capital comprises 429,971,261
ordinary shares.
Revised dividend policy
On 14 March 2017, the Board of Directors, having considered
Polymetal's capital structure and market practices, has approved of
the following changes to the dividend policy:
-- Regular dividends will be paid in the amount of 50% of
underlying net earnings for the period (previously - 30%), on a
semi-annual basis. The policy will become effective from the FY
2017 interim dividend;
-- The regular dividend is subject to a hard ceiling of Net debt
/ Adjusted EBITDA ratio below 2.5x (previously 1.75x subject to the
Board's discretion);
-- The Board will continue to consider the potential for a
special dividend on an annual basis. The special dividend decision
will be based, among other factors, on available free cash flow
(post regular dividends), forward-looking financial projections,
market outlook, and other relevant factors.
"We believe that the increased regular dividend payout ratio and
firm leverage ceiling represent a more predictable and transparent
capital structure. We hope the changes are welcomed by investors
and the analyst community", said Vitaly Nesis, Group CEO of
Polymetal. "The new policy further reinforces our commitment to
capital discipline and substantial dividends".
Enquiries
Media Investor Relations
----------------- ------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Maxim Nazimok
Jenny Payne Evgenia Onuschenko +7 812 313 5964 (Russia)
Maryana Nesis +44 20 7016 9503 (UK)
----------------- ------------------ -------------------- ------------------------------
Joint Corporate Brokers
------------------------------------- ----------------------------------------------------
Morgan Stanley
Sam McLennan
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
Adam James Tristan Lovegrove
Tom Salvesen +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
----------------- ------------------ -------------------- ------------------------------
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED
TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE
FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF
FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS",
"BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY",
"ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS
OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY
DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS
OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS
THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S
CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE
BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND
FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY
WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD
CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO
DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING
STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR
UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE
IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN
EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS
ARE BASED.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 15, 2017 03:08 ET (07:08 GMT)
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