RE: Glen Special dividend12 May 2018 18:45
23 FEBRUARY 2017 • 12:54PM
Long-suffering shareholders in Glencore may be rewarded with a special dividend next year, as the commodities trader and miner finds ways of putting its spare cash to use.
Investors, who have gone 18 months without a payout as the company worked on slashing its debt in the face of a bitter downturn, could in theory receive up to $20bn, Glencore said, though it stressed this would only be if it does not allocate its free cash to other purposes.
“It’s just a calculation, not an intention to do it,” said Steve Kalmin, chief financial officer, adding it was a “quality problem” to have.
The hint of a special dividend is separate to the $1bn that Glencore has already pledged to pay out for its 2016 financial year, and draws a definitive line under its turnaround.