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Ex-Dividend Date 21 September 2023
Record Date 22 September 2023
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I have always known that I would be entitled to dividend if I sell on the ex-div date.... But Kenmare says you have to hold shares until close of the Record Date.... HL says ::: " To qualify for the most recently declared dividend, you must have bought the stock before the ex-dividend date and still have held it at market open on the ex-dividend date."... Which does not include/imply the Record date. ... So why this difference?... What's you view on this?
Rich22
The interim dividend as been set already at 17.5 cents a share this will not be affected by the buyback
But those shares which the company buy back are x divided so the company retain that part of the dividend in its targeted 50million dividend pool
So those shareholders who are still with us in April we benefit from this
The amount the company saves is 5500000x17.5c
Providing all shares are successfully brought back by the company
I'm expecting the buyback will be successful but they're not going to have mine at that price would take my chances on the open market
But it good we clear up the shares of those who will sell at that price as this as been holding the share price back for years
The 50milliion USD dividend target for The year is what the company had in its report
It's what the board is aiming for including this September payment and next April dividend
It's all in the the report those shares that are sold in the buyback do not receive any dividend
On YouTube there is a video of the report
Search Kenmare resources it's worth seeing
So the 50million is a target dividend payout the board expecting but can come in higher or lower of course
But the div was announced as pence per share, not a pool
My understand in zero dividend for those that sell. Therefore those that hold will get 100% of dividend paid to 94.1% of the current shareholders.
Assuming the £4.22 is fully subscribed, which I think it will but happy if it fails and has to be raised to get pushed through. It would be a very strong signal to the market.
Where does it say that the interim dividend will change as a result of the buyback?
When something is sold the sellers want the highest price
When something is brought the buyer wants to buy at the lowest price
So board would need to sell at the lowest price but
Still need to buy able to buy back the 5.5milluonshares at 422pence if they don't succeed then they have the price wrong and mis judge the market
But 20months ago they've brought over 14million shares at only 418pence and the sellers where offering another 3=5million to be sold so this meant they overpaid the price
If the buyback is successful then the 50million target dividend pot will be dividend by 89.5million shares rather than 95million increase our dividend payout by around 6%
Initially I thought it might be options but it does look like genuine purchases in the market. Different prices realised by each and c. £46k from a CEO is a great sign.
It would be interesting if they didn’t get the support for the buyback at £4.22 but I guess it will get support for tax reasons.
However, I’m generally very happy with a good dividend and am confident the SP will return to previous highs following the buyback and Q3 trading update.
I can’t see M&A coming for KMR until post the WCP move but I would like to see the SP above £5 by year end, which is entirely realistic in my view. DYOR
Directors also dipping their toes in at a price in early £ 4.30s, good to see !
Kenmare seems to be getting a lot of decent press.Hope this gives an impetus to more activity.
Positive broker note out today.
Kenmare Resources (“KMR”) has released solid interim financial results, supported by higher ilmenite prices and shipments. Despite a poor operational performance at Moma in H1, semi-annual EBITDA was US$110.4m, +12% vs H&Pe and +5% YoY. Net profit also beat our estimate by 13%, allowing KMR to declare an interim dividend of US17.5cps, +58% vs H&Pe and +59% YoY. As previously mooted, the Company has also confirmed a US$30m share buyback
Good luck to all the long and short term holders. I’m positive for H2 and a SP hike over next few weeks and months.
Kenmare Resources HY results webinar: 17th August at 12pm. Michael Carvill, Managing Director of Kenmare and Tom Hickey, Finance Director will present the HY results to 30th June 2023 which will be announced on 15th August
Register here
https://us02web.zoom.us/webinar/register/9016907948614/WN_PJDlmTVkT4Gzs3IC-l2BoA
30 million USD buyback equals 25pence a share that's equivalent to a 6% yeild that's no small payback
It doesn't matter what price to me what they sell them at as it does not change the yield
And the company still has a billion dollars in assets
That's it's true worth
750 a share but for transaction it could be 100
Because we the shareholders own the company so we just buying the shares of ourselves to obtain a 6% yield in the process
I would be delighted to hear them announce they were going to buy $30m back in the open market. I can’t see it, however, the reaction will be interesting.
Previous high of 5.25 (ish) and YTD 4.80 (ish) I would be surprised to see a balanced fund selling a material block of shares at this level.
I expect it will be done with little fuss but would love it if the large shareholding funds refused to sell below £4.60 it would send a message to the market.
Con totally agree about the bonds also some of the big boys brought a lot of them shares at 232pence so have profit took when they can
Share buy back if a fixed price probably would be the last 10day avarage finish on today date or they might just buy on the open market on the price of the day I'm sure they have had some talk's with there big investors which will direct their decision
Lots of capital being withdrawn from funds at present. Bonds are attractive. Therefore I expect it is further rebalancing of funds. This has been suppressing SP for a while.
I’m interested to hear about the $30m share but back and see what price they set.
4 seller at a value of 2 million as to be a institution selling but which one
Can't find it at all perhaps my free London Stock Exchange access is not good enough, not to worry :)
Broadly agree Rich.
Will have generated cash and benefited from supply contracts. It will be interesting to here if contracts have been extended for H2 2023
The trade I refer to is showing as trade on 08.08.23 at 17:06:59 as 150,000 shares but the value in currency is showing in pence.
Last year the company made 62 million in the first 6 months
This year I'm expecting a stronger proformence
Expecting around 100 million as sales are up31% on last year's first 6 months and sale price up about 5% although down from the record breaking prices of the last 6 months
Interestingly analyst's only have the company making 130 million for all of 2023 so I will interested to see if they change their forecast if my expectations come to be
I don't think the company would be talking about a 30million buy back if this kind of profit I'm forecasting is not there
Perhaps a mistake?
It was visible last night as post close trade confirmation
Where does that show on the London Stock exchange (I can't see it)?