Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Only 1 more hour to trade before the Q1 update and Analyst & Investor Day and AGM on Monday. I posted the below earlier in the week - They will talk about their business updates, project updates and outlook as well as discuss Q1 performance, which we all know will have been significantly impacted on the sanctions in Russia hence the current SP. We will get updated Capex and AISC (will have increased). We have already had the RNS's to let us know the uncertainty with availability of funds due to sanctions on Russian banks and economy. Higher working capital needs as a result of liquidity crunch and supply chain limitations as well as lower credit availability.
In the last year they have just brought the Nezhda mine into production, it is Russia's forth largest gold property containing an estimated reserves of 5.1 Moz gold with an average 3.4 g/t with a 23 years life of mine. 'The mine should ramp up to full capacity and start generating free cash flows by Q2 2022' Plans to produce average productions of 180,000 oz per year 2022-2024.
www.youtube.com/watch?v=IfhHfONx9RY
For new investors in POLY watch the YouTube link above regarding 'Polymetal International: 10 Years On The LSE'
As per their recent RNS's the state still have guidance for 1.7Moz of gold for this year, weighted for the second half of the year. Have a look at the projects on track
Kutyn Q3 2022 - Mine 575koz of gold at 3gt
Urals flotation Q4 2022 - Novopet mine 2.4Moz of gold at 8g/t - Excellent grades
Prognoz Q1 2024 - 125Moz of silver, 6.5M yearly, 35% IRR. Poly also a global top 10 producer of silver. Prognoz launch will secure our position in the silver market.
Projects delayed by 1 year:
In Q4 2021 they invested in another mine project at Veduga - a large high grade 4Moz asset, first production may now be Q2, 2026
Maminskoye - One of the largest gold fields in the Russian Urals region.
We may get an update regarding the RNS on the 29th March regarding asset structure, hopefully they will keep the business as one but remember the Kyzyl mine is their flagship asset and this is based in Kazakhstan, 30 year mine life, 5.4gt (excellent grades) and 382koz per year. Varvara mine is also in Kazakhstan and also producing 159koz per year.
POX - Global leader, POX-2 possibly moving to Kazakhstan.
POLY is a Top 10 global gold producer. 10 years of growth, 10 years of profits.
Exploring opportunities in PGM, REM and copper.
ESG leader.
$2.6B returned to shareholders as dividends since listing.
Last April director Manuel Lino De Sousa-Oliveira bought 2,020 shares for £30,829 (NOT SOLD). Today you can buy the same amount of shares for £5,454 (approx. 1/5 of the price) at a SP of £2.70
I am looking forward to reading the Q1 update and watching Analyst & Investor Day on Monday. I am here for the long term growth and dividends.
DYOR and GLA!!!
https://www.youtube.com/watch?v=Ox_puXeaatY
Only two more trading days before the Q1 RNS! Before I invested in POLY I tried to do a bit of research on why Putin invaded Ukraine and not just listen to the BBC. Shortly after Russia's annexation of Crimea in 2014, Ukraine built a concrete dam cutting off drinking water to people living in Crimea. 2 days after Russia invaded Ukraine the Russian army blew up the dam and water is now back in the Crimea. I think this was Putin's first objective as he has been stating for months that the dam was starving residents of Crimea. It now looks like Russia has took control of Mariupol. This will now allow Russia a land bridge from Russia to Crimea to avoid Crimea being blocked off in the future. Putin will class this as a major strategic and military success. It is also home to the Azov Brigade which contains far-right extremists. If Russia capture alive enough Azov fighters again Putin can class this as a success. However I don't think Putin was expecting the US to provide more than $3bn in military assistance to Ukraine. Hopefully to avoid any further loss of life to the innocent Ukrainians they can start to negotiate some terms to end this war. Putin may want the Donbass area to be Independent (Another of his objectives) and Ukraine not to join Nato (Final objective) Hopefully this will be done by the 9th May. If Abramovich is helping with the talks, hopefully one of the terms will be to lift most of the sanctions which are not just crippling Russians but everyone all over the world. We all know the risks when investing in Poly, short term risk vs long term rewards. Above is the link to their last Investor Day in November. They talk about their business updates, project updates and outlook. On the 25th they will give us an update as well as discuss Q1 performance which we all know will have been significantly impacted on the sanctions in Russia (latest RNS). We will get updated Capex and AISC (AISC will have increased) as well. As long as they have enough liquidity to see them through the next few months we will then hopefully start getting back to pre-war levels once the war is over. They have stated guidance for the most production is the second half of the year. I still think gold price will be $2000 per oz by the end of the year. Only today and tomorrow for trading days before the Q1 RNS & Investor Day. I think some people here have sold out and was wanting a lower entry point. I still think this is a risk at present but the long term reward of this top 10 in the world gold producing company far outweighs the short term risk and any talks of peace and the SP will be a lot higher than todays SP.
GLA and DYOR!!
Only 3 more trading days left until Q1 updates, AGM and Investors Day. We have already had the bad news in the recent RNS's 'Mounting uncertainty with availability of funds due to sanctions on Russian banks and economy. Higher working capital needs as a result of liquidity crunch and supply chain limitations. Balance sheet constraints imposed by lower credit availability as well as significantly higher cost of funding.' as well as the resignation of the auditor and the SP didn't fall under £2. I have bought some more this morning anticipating a good update on Monday from the board on how they are going to take POLY forward. I was going to wait until Monday afternoon, but didn't think I could get the shares at £2.21 after the updates. Its still high risk, high reward share but even if we end up with just the Kazakhstan mines and the Pacific POX they then should be able to pay future dividends sooner as they state in their RNS 'they want to return to our cash distribution policy', which would make the current SP a bargain!
Novice - Last month you was telling people strong sell when the SP was £1.25 and to buy SOLG at 34.30p. Todays SP for SOLG 34.40p! Are you looking forward to the PFS tomorrow, what happens if the NPV is less or if BHP or Newcrest just take away Alpala. You will be left with an exploration company with a big requirement for more cash before any other project comes to fruition. If I was you I would be more worried about my investment in SOLG than posting here. If you had took Massive Ray's advice you could have more than doubled your investment if you had invested here at £1.25. Everyone knows the short term risk in investing in POLY. Day traders will make good profits, but if you are looking at long term investment with a good yield once they start paying the dividend again and potential growth in SP this is the time to buy the shares for the long term. If it does go back to £1.50 I will be buying as many shares as I can, but I personally don't think it will go anywhere near £1.50
Only 4 more days before the Q1 update and Analyst & Investor Day on the 25/4. They will talk about their business updates, project updates and outlook as well as discuss Q1 performance, which we all know will have been significantly impacted on the sanctions in Russia hence the current SP. We will get updated Capex and AISC (will have increased) as well. I think some people here have sold out and wanting a lower entry point. In the short term SP may go down further, but could also go up depending on the news we get next week for the Q1 update.
In the last year they have just brought the Nezhda mine into production, it is Russia's forth largest gold property containing an estimated reserves of 5.1 Moz gold with an average 3.4 g/t with a 23 years life of mine. 'The mine should ramp up to full capacity and start generating free cash flows by Q2 2022' Plans to produce average productions of 180,000 oz per year 2022-2024.
www.youtube.com/watch?v=IfhHfONx9RY
For new investors in POLY watch the YouTube link above regarding 'Polymetal International: 10 Years On The LSE'
As per their recent RNS's the state still have guidance for 1.7Moz of gold for this year. Have a look at the projects on track
Kutyn Q3 2022 - Mine 575koz of gold at 3gt
Urals flotation Q4 2022 - Novopet mine 2.4Moz of gold at 8g/t - Excellent grades
Prognoz Q1 2024 - 125Moz of silver, 6.5M yearly, 35% IRR. Poly also a global top 10 producer of silver. Prognoz launch will secure our position in the silver market.
Projects delayed by 1 year:
In Q4 2021 they invested in another mine project at Veduga - a large high grade 4Moz asset, first production may now be Q2, 2026
Maminskoye - One of the largest gold fields in the Russian Urals region.
We may get an update regarding the RNS on the 29th March regarding asset structure, hopefully they will keep the business as one but remember the Kyzyl mine is their flagship asset and this is based in Kazakhstan, 30 year mine life, 5.4gt (excellent grades) and 382koz per year. Varvara mine is also in Kazakhstan and also producing 159koz per year.
POX - Global leader, POX-2 possibly moving to Kazakhstan.
If we don't get an RNS this week about a new auditor we should get an update on Monday.
POLY is a Top 10 global gold producer. 10 years of growth, 10 years of profits.
Exploring opportunities in PGM, REM and copper.
ESG leader.
$2.6B returned to shareholders as dividends since listing.
Last April director Manuel Lino De Sousa-Oliveira bought 2,020 shares for £30,829 (NOT SOLD). Today you can buy the same amount of shares for £4,747 (approx. 1/6 of the price) at a SP of £2.35
I am looking forward to reading the Q1 update and watching Analyst & Investor Day on Monday. If you have any questions ask them to the board on Monday.
DYOR and GLA!!!
Russia have stated they will only nationalise companies if Russians faced losing their jobs if a company no longer is trading in Russia. POLY are not getting rid of any staff and not closing so no reason to Nationalise POLY. Also POLY has too much debt to be privatised. As per their website we need to wait for Q1 update is on the 21/4/22 and Analyst & Investor Day and AGM is on the 25/4/22 for update on liquidity, paying back outstanding loans and who we can get further finance with. POLY is a massive company and I'm sure they will attract potential auditors. Wouldn't surprise me if we get an RNS this week with the new auditors, they seem to be on the ball with keeping us all updated. Sign of a great company! Looking forward to watching the Analyst & Investor Day.
DYOR and GLA!
There is a risk with POLY but potential great rewards once the war is over. Here's my opinion on the possible risks:
Risk 1: POLY gets nationalised - Not going to happen - 'Russian parliament, had approved measures to nationalise the property of Western companies that are exiting the country in the wake of Russia’s invasion of Ukraine. In a statement, Russia added that, in an effort to prevent bankruptcy and save jobs, the commission had waved through a bill allowing for companies from “unfriendly states” to be put into external administration, if they are owned 25% or more by an unfriendly country'. POLY are not pulling out of Russia, it has 13,392 employees, therefore no reason for the Russian Government to get involved as no jobs in POLY will be lost.
Risk 2: POLY gets privatised - Not going to happen - If someone wants to buy out POLY, not only do they need to buy out all the shareholders but they will also need to take on the US$1.94 billion debt of the company, hence why I don't this will happen. Russia interest rates are currently 18%, so a business loan would be about 23 - 25%.
Risk 3: Bankruptcy - This is not going to happen. POLY makes too much revenue and profits.
Risk 4: War & Sanctions. This is my main concern if the war drags on and sanctions remain in place, especially with the banks in Russia, the risk is they cant pay back their loans, get more credit and the ability to distribute dividends to all shareholders. Hopefully for the people of Ukraine the war will end soon! My opinion is once Russia take control of Donbas and Mariupol, get water back in Crimea and Ukraine confirms they will not join NATO, hopefully Putin will then withdraw his army on an agreement that any sanctions are lifted as the sanctions are effecting everyone and not just people in Russia. I don't think the dividend in May will be paid as per POLY’s going concern their income and profits are materially reduced due to restrictions on metal sales arising from operations in Russia who are impacted by recent sanctions. POLY would seek to mitigate this by reducing production volumes and variable mining costs where possible, reducing and deferring non-essential and non committed capital expenditure and reducing or cancelling dividend payments. However I believe future dividends will be paid and at the current SP the yield is 24%.
www.youtube.com/watch?v=IfhHfONx9RY
www.youtube.com/watch?v=EcvHSrar5P0
As per their website Q1 update is on the 21/4/22 and Analyst & Investor Day and AGM is on the 25/4/22. For new investors in POLY watch the YouTube links above regarding 'Polymetal International: 10 Years On The LSE'
Top 10 global gold producer. 10 years of growth, 10 years of profits.
Kyzyl mine is their flagship asset and this is based in Kazakhstan, 30 year mine life, 5.4gt (excellent grades) and 382koz per year. Varvara mine is also in Kazakhstan and also producing 159koz per year.
POX - Global leader, POX-2 possibly moving to Kazakhstan.
DYOR and GLA!!
Q1 update 21/4, Analyst & Investor Day and AGM 25/4 will be the important news, todays RNS is again nothing to do with the how POLY is being run, its again due to their mines being in Russia.
(Alliance News) - Accounting giant Deloitte has resigned as the auditor of mining giant Polymetal International PLC due to the firm's ties to Russia.
The London-listed firm, which primarily operates in Russia, has seen its shares plummet since Vladimir Putin launched a full-scale invasion of Ukraine more than a month ago.
Last month, Deloitte said it would no longer operate in Russia and started a process to sever ties with its operations in Russia and Belarus.
The auditor confirmed on Friday that it is therefore unable to work with the Anglo-Russian gold and silver miner.
In a statement, Polymetal said: "Following the announcement on March 7 2022 that Deloitte's Russian and Belarus firms would separate from the global network of member firms of which Deloitte is a part, they have concluded that they will not be able to carry out an audit of the company given that the majority of its assets and operations are in Russia."
www.youtube.com/watch?v=IfhHfONx9RY
As per their website Q1 update is on the 21/4/22 and Analyst & Investor Day and AGM is on the 25/4/22. For new investors in POLY watch the YouTube link above regarding 'Polymetal International: 10 Years On The LSE' POLY is a Top 10 global gold producer. 10 years of growth, 10 years of profits.
Kyzyl mine is their flagship asset and this is based in Kazakhstan, 30 year mine life, 5.4gt (excellent grades) and 382koz per year. Varvara mine is also in Kazakhstan and also producing 159koz per year.
POX - Global leader, POX-2 possibly moving to Kazakhstan.
Poly also a global top 10 producer of silver. Prognoz launch will secure our position in the silver market.
Exploring opportunities in PGM, REM and copper.
ESG leader
$2.6B returned to shareholders as dividends since listing.
In the last year they have just brought the Nezhda mine into production, (watch the YouTube link above) it is Russia's forth largest gold property containing an estimated reserves of 5.1 Moz gold with an average 3.4 g/t with a 23 years life of mine. 'The mine should ramp up to full capacity and start generating free cash flows by Q2 2022' Plans to produce average productions of 180,000 oz per year 2022-2024.
In Q4 2021 they invested in another mine project at Veduga - a large high grade 4Moz asset, first production Q2, 2025. Poly can increase its share to 100% via a call option execution Q2, 2022. We will get to know more about this on the Analyst & Investor Day.
DYOR and GLA!!!
YouTube link from Poly: www.youtube.com/watch?v=IfhHfONx9RY
For new investors in Poly watch the YouTube link above regarding 'Polymetal International: 10 Years On The LSE' This is a Top 10 global gold producer. 10 years of growth, 10 years of profits.
Kyzyl mine is their flagship asset and this is based in Kazakhstan, 30 year mine life, 5.4gt (excellent grades) and 382koz per year. Varvara mine also producing 159koz.
POX - Global leader, POX-2 possibly moving to Kazakhstan.
Poly also a global top 10 producer of silver. Prognoz launch will secure our position in the silver market.
Exploring opportunities in PGM, REM and copper.
ESG leader
$2.6B returned to shareholders as dividends since listing.
This is not a get rich quick share but once the war is over their is potential this SP could get back to the prices before the war. Short term risk vs long term high reward. The SP is currently all over the place but at present can rise very quickly just as its fallen. Once the II's can invest it will be too late to buy at these prices.
Read the RNS's. read their website, watch their presentations, this is a world class company!!
DYOR and GLA!!!
Poly is a world class company, excellent run and as per their website wants to reward their shareholders with good dividends. This was £6.45b market cap before the war, now only at £1.40b but its business as usual. Look how it has been keeping everyone up-to-date over the last month. Its not Poly's fault that Putin has declared war. The SP has not dropped due to the company doing anything wrong. No way will it go bankrupt, its making too much revenue and profit. Its gone down due to II's not wanting to be associated with anything in Russia at present, but they will be in this in their droves when they are able to. It has 10 operations and 2 developing projects. I am looking forward to reading the Q1 update to see if we now have 100% ownership of Novopet. The Novopet deposit is 2.4Moz of gold at an average of 8 g/t (excellent grades). It has high grade and huge growth potential. It will also double Poly's exposure to copper.
In the last year they have just brought the Nezhda mine into production, it is Russia's forth largest gold property containing an estimated reserves of 5.1 Moz gold with an average 3.4 g/t with a 23 years life of mine. 'The mine should ramp up to full capacity and start generating free cash flows by Q2 2022' Plans to produce average productions of 180,000 oz per year 2022-2024.
In Q4 2021 they invested in another mine project at Veduga - a large high grade 4Moz asset, first production Q2, 2025. Poly can increase its share to 100% via a call option execution Q2, 2022. Their second developing project is POX-2 which is 65% complete and on schedule to launch and produce its first gold in the second half of 2023.
I don't think the dividend will be paid in May at the current SP, but who knows what the SP will be at on the 5 May. If they don't pay the dividend to free up liquidity or pay some of the debt or use it to own 100% of Veduga gold mine as per their call option I would be happy with that. If they do pay the dividend then that would be great as well. Its a Win/Win either way if you are here for the long term.
As of the start of March the company said it held about $400m in cash and cash equivalents with non-sanctioned financial institutions. Significant free cash flow from Kazakhstan give Polymetal enough of a buffer to fulfill obligations in the next 12 months without new borrowings, although it cautioned high Russian interest rates are expected to affect its average cost of debt for 2022.
This is not an AIM share this was a major FTSE 100 share. As stated they have 10 mines and 2 further operations in place. Revenue last year was $2.89B, Profit $1.2B and Net assets was $2.2B. I personally think the reward of a high SP increase and potential high dividend yield for life outweighs the current risks, especially as I think gold price will be above $2000 per oz by the end of the year.
Looking forward to watching the Analyst & Investor Day on the 25.4.22.
As always DYOR and GLA!! - I'm in for the long term
101 You invested £90k of your savings from a tip from your friend!! Then asked on a LSE chat forum what they think! Everyone on here has their own agenda on this forum. You have your pump and dump folk, people who are short the stock or want to add at a lower price and will try and scare folk and people invested for the long term for the SP to eventually get back to pre-war SP levels. Why do you think you will lose all your money and what do you think the chances of this happening is?
b.kelly, dividend is 52c if paid. Ex-divi date is 5 May and if paid will be paid to you on the 27 May. I am not expecting the Divi to be paid this time but future dividends should be paid going forward. If we get paid in May it will be a very good bonus. Who knows what will happen between now and the 5 May or what the SP will be.
Same here latpulldown, I have bought Poly and EVR. Sitting on a nice profit at present with POLY but I am here for the long term. Will keep buying and dips and once the war is over I will be buying more! The future dividends from both POLY and EVR will set me up for an extra pension pot for when I retire as well as a nice increase in both SP. Hopefully they will be able to distribute the dividends to all shareholders (Moex shareholders) and we should get the dividend paid in May. If not hopefully they will use it for liquidity rather than borrowing at RUB interest rate of 23-25%. Win/win either way.
Another great RNS, great company keeping us all updated in these uncertain times! Beachknot, Red Baron, Novice still time to buy into this top 10 in the world gold mine under £4. I repeat this was one of the best FTSE100 companies paying high dividends. SP looks to keep increasing daily and not dropping. Look at last week if people sold out last Friday they were paying back higher Monday. Keep your shares or keep buying more. THIS IS NOT AN AIM SHARE, you are not playing on the AIM Casino with Poly you are buying into a world class company. Read their website about their projects nearly completed to add to their already 10 producing gold mines. They state still on track for 1.7Moz of gold this year. DYOR and GLA!! I am in here for the long term with POLY and EVR
Another good day today. I will re-post what I posted on Saturday morning. Just look at the director deals at the top of the screen. Manuel Lino De Sousa Oliveira who is on board bought 1,300 shares of Poly on the 27/4/21 at £15.60 per share = £20,274. He was happy to buy these share for £20k as he must have seen the potential of Poly and the dividend yield at that time for him to invest at that SP. Today you could have bought the same amount of shares for £4,381. Nearly 1/5 of the price De Sousa Oliveria paid. This is a top 10 in the World gold miner, it is not an AIM share, this is a world class company. You would still be getting a dividend yield of 21.26% if you had bought in today which is an unbelievable yield. DYOR and GLA!!
Clever Thoughts - You have missed the first part of that paragraph 'According to the US Treasury Department, “US persons are prohibited from engaging in any transaction – including gold-related transactions – involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation.” The rule effectively bans individuals – including gold dealers, distributors, wholesalers, buyers and financial institutions – from buying, selling or facilitating gold-related transactions involving Russia and the various parties that have been sanctioned. Not sure if you did that on purpose on by accident. To me it reads like US persons are prohibited from engaging in any transaction. US individuals – including gold dealers, distributors, wholesalers, buyers and financial institutions not Russia. How much did you short Poly. You were posting negatives all week and up to 23:51 last night then started from 7.36am this morning posting negative posts all day. You really think that £96.64k buy and £440.44k buy at 4:30 if they thought Poly couldn't sell any of the gold?
Novice Hunter - You still haven't responded to my genuine question, what is the potential for the SP for Solg? You have kind of answered one of the questions what I am trying to get at 'Whatever Saga, your post is conjecture and has no context with regards to the individual investor ?? Entry & exit points are what count...'
Exactly my point I am trying to make, this chat forum is for individual investors who could potentially read your comments and believe what you are saying. On the 23 March 2022 on SOLG you have commented Strong buy 'There she blows 35p incoming!!!. The SP at that time was 34.10. Followed by lolzzz 55p here we come Choo Choo!!! The same day Poly was 125.80 and you commented on the Poly board 'Come on Wress £1.60 nearly there!!! You have just stated in your response its the Entry & Exit points that count so if you said strong buy in November for Solg at 22p then you was correct, but if a genuine 'Novice trader' was looking to invest in Poly on Wednesday they could have been out off by your comments and invested in Solg instead. If they had done that the SP for Solg has finished the week at 34.30p, where as if someone had invested on Wednesday in Poly at 125.80 its finished the week at 180p. Reading some of the comments on this chat forum some investors don't even know what a dividend is and look like they judge their investment choice by what ever is popular on Twitter and AIM stocks. This is in the top 10 Gold miners in the world. Was a top FTSE 100 share before the war. Follow the money, look at those large buys at the end of today £96.44k buy and 440.44k buy. Anyone new to this share in the last few days read their website and DYOR! GLA! You could have traded this share for a 10% profit or you could potentially get a 500% increase + a dividend yield of 40%. Have a good weekend all and enjoy the weather!
Novice you keep stating Poly is a strong sell at current SP, but Solg is a strong buy at current price. I am asking you a serious question if SolG is a strong buy at their current price what do you think will the SP be if the Joint BHP-Newcrest happens?
Novice Hunter - You have posted 221 posts on Poly in the last 3 weeks stating strong sell. We all know the potential risks on this share, but at these prices and a potential 40% dividend yield the majority on this site would take the risk for the far greater reward. However you keep stating SolGold is a strong buy. Can you tell me why SolGold is a strong buy as the SP cant seem to get above 35p? From a quick look at the accounts it is not producing any gold or copper. Revenue is N/A. Poly's Revenue was $2.89B, Solg net profit was -12.87m (that is minus Novice), Poly was $1.2B net profit. Solg Net Assets only 338m, Poly Net Assets $2.2B. Solg doesn't pay a dividend, Poly paid $635m in dividends for 2021. Solg has 2.29b shares, Poly only has 473.63m. That is low amount of shares for a top 10 in the world gold producing mine company and is the reason why the Share Price is now increasing as the company has stated its business as normal for them. They have 10 producing gold mines and 2 projects which are nearly producing gold. Yes Solgold is hoping that a joint BHP-Newcrest bid is coming in the next few months. What are you hoping for the SP to be if the Joint BHP-Newcrest bid happens? Also what do you think will happen if no bids comesin for SolGold. How would they fund producing a mine on their own when it has no income? Share dilution but they already have 2.32B shares once you include their share options.
I would be surprised if the dividend in May is paid at the current share price, as per the RNS on the 9 March 2022 it may be cancelled as a view to ensuring liquidity and solvency of the business. Interest rates in Russia have increased to 20%. If it does get cancelled this time they may use the money to pay down some of its debt rather than share buybacks or to ensure liquidity and solvency of the business whilst we are in these uncertain times. However if you buy at this price you will have future dividend yield of around 45% if the dividends continue at current rate. I am here for the long term so would rather Poly ensure liquidity and solvency of the business. If I get paid the dividend (the SP could be a lot higher by the time of the Annual General Meeting) its a Win/Win situation.
RNS 9 March 2022
The Company currently intends to pay the final dividend as proposed by the Board on March 2, 2022. At the same time, the Board retains the discretion to re-evaluate its dividend recommendation prior to the Annual General Meeting with a view to ensuring liquidity and solvency of the business.