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5 Dec 2013 07:00
Release time |
IMMEDIATE |
Date | 5 December 2013 |
Polymetal International plc
Special dividend consideration by the Board
Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") announces that on 4 December 2013 the Board of Directors of the Company has decided not to pay special dividends for the year ending 31 December 2013.
In accordance with the Company's dividend policy, the Directors of Polymetal have considered the potential for payment of a special dividend for the year ending 31 December 2013, taking account of the performance of the Group during the year to date, available free cash flows and future investment requirements. Although the Company has performed in line with the Directors' expectations, in light of the current negative commodity market conditions the Directors have decided not to declare a special dividend for the current year.
The Company's dividend policy remains unchanged. The amount of the final dividend for the year will be reviewed by the Board in due course and recommended to shareholders for their approval at the Annual General Meeting in 2014. The regular dividends for the year shall represent 30% of the Company's net earnings provided that Net debt / Adjusted EBITDA is below 1.75 or, at the Board's discretion, above that level.
"Polymetal has already demonstrated its ability and commitment to deliver meaningful cash returns to our shareholders during the last twelve months, which has resulted in a superior dividend yield", said Vitaly Nesis, CEO of Polymetal, commenting on the Board's decision. "However, given the current trends in the gold and silver market, the Board has rightfully taken a conservative approach in order to preserve the current balance sheet strength of the Company."
Enquiries
| Media | Investor Relations | ||
College Hill Leonid Fink Tony Friend | +44 20 7457 2020 | Polymetal Maxim Nazimok Evgenia Onuschenko Elena Revenko | ir@polymetalinternational.com
+7 812 313 5964 (Russia) +44 20 7016 9503 (UK) |
| Joint Corporate Brokers | |||
Morgan Stanley Bill Hutchings Sam McLennan | +44 20 7425 8000 | RBC Europe Limited Stephen Foss Jonny Hardy | +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.
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