Polymetal: Final dividend declaration of USUSD 0.89 per share (1172616)
03 March 2021 - 6:02PM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: Final dividend declaration of USUSD 0.89 per share
03-March-2021 / 10:02 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 03 March 2021 Polymetal International plc
Final dividend declaration of USUSD 0.89 per share
Polymetal is pleased to announce that the Board of Directors of
the Company has recommended the payment of a final dividend of
USUSD 0.89 per share for the year ended 31 December 2020. Dividend
declaration
The Board proposed a final dividend of USUSD 0.89 per share
(approx. USUSD 419 million), which comprises USUSD 0.74 per share
representing 50% of underlying net earnings for the 2H 2020 and a
discretionary part of USUSD 0.15 per share to make the total
dividend for 2020 equal 100% of the full-year free cash flow, in
accordance with the updated dividend policy. This will bring the
total dividend declared for the FY 2020 to the historical record
level of USUSD 1.29 per share (an increase of 57% versus USUSD 0.82
for 2019) or USUSD 608 million in total (2019: USUSD 385 million).
Based on the average share price for 2020, dividend yield for the
year stays at 6.3% and 5-year average dividend yield at 5%, which
remain one of the highest levels in the industry.
The decision to distribute 100% of the free cash flow to
shareholders was underpinned by the strong balance sheet (Net
Debt/Adjusted EBITDA of 0.8x, significantly below the target level
of 1.5x and hard ceiling ratio of less than 2.5x), excellent
underlying business performance despite COVID-related challenges
and confidence in the Company's ability to maintain a very
comfortable balance sheet position after dividend payment, not
putting any projects or FY 2021 dividends at risk. The Board will
continue to exercise careful judgement in making next discretionary
dividend decision in 2022 for FY 2021, taking into account both
backward-looking and forward-looking factors.
The final dividend will be subject to shareholder approval at
the Annual General Meeting of the Company to be held on 26 April
2021. Assuming shareholder approval is received, the dividend will
be paid on 28 May 2021 in US Dollars, with an option for
shareholders to elect to receive the dividend in pounds sterling or
euro. Such an election should be made no later than 11 May 2021.
Payments in pounds sterling and euro will be based on the USD/GBP
and USD/EUR exchange rates determined by the Company on 14 May 2021
and announced immediately thereafter. Details
EX DIV DATE: 06 May 2021
RECORD DATE: 07 May 2021
LAST DATE FOR CURRENCY ELECTION: 11 May 2021
PAYMENT DATE: 28 May 2021
The Company's issued share capital comprises 471,818,000
ordinary shares.
About Polymetal
Polymetal International plc (together with its subsidiaries -
"Polymetal", the "Company", or the "Group") is a top-10 global gold
producer and top-5 global silver producer with assets in Russia and
Kazakhstan. The Company combines strong growth with a robust
dividend yield.
Enquiries
Media Investor Relations
Polymetal ir@polymetalinternational.com
FTI Consulting
Evgeny Monakhov +44 20 7887 1475 (UK)
Leonid Fink +44 20 3727 1000
Timofey Kulakov
Viktor Pomichal
Kirill Kuznetsov +7 812 334 3666 (Russia)
Joint Corporate Brokers
Morgan Stanley & Co. International plc +44 20 7425 8000
Andrew Foster
RBC Europe Limited
Richard Brown
Marcus Jackson +44 20 7653 4000
Panmure Gordon Jamil Miah
Daniel Norman
+44 20 7886 2500
John Prior
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.
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ISIN: JE00B6T5S470
Category Code: DIV
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
Sequence No.: 94685
EQS News ID: 1172616
End of Announcement EQS News Service
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