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5 Dec 2012 07:00
Release time |
IMMEDIATE |
Date | 5 December 2012 |
Polymetal International plc
Board approves special dividend of US$ 0.50 per share
Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to announce that on 4 December 2012 the Board of Directors of the Company approved a special dividend of US$0.50 per share for the year ending 31 December 2012.
Dividend declaration
In accordance with the Company's new dividend policy announced on 17 October 2012, the Directors of Polymetal, having considered the performance of the Group during the year to date, available free cash flows and future investment requirements, have resolved to pay a special dividend of US$0.50 per ordinary share, representing a total of approximately US$191 million.
The dividend will be paid on 21 January 2013 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling. Such election should be made not later than 7 January 2013. Shareholders should note the change in default currency from GBP to US Dollars and that all current currency elections are being revoked and payment of the special dividend will be made in US Dollars unless the shareholder submits a new currency election by the above deadline. Payments in pounds sterling will be based on the US$/GBP exchange rate determined by the Company on 10 January 2013 and announced immediately thereafter.
Details:
EX DIV DATE: 12 December 2012
RECORD DATE: 14 December 2012
LAST DATE FOR CURRENCY ELECTION: 7 January 2013
PAYMENT DATE: 21 January 2013
The Company's dividend policy is that regular dividends shall represent 30% of the Company's net earnings provided that net debt / adjusted EBITDA is below 1.75. The amount of the final dividend for the year will be reviewed by the Board in due course in accordance with this policy and recommended to shareholders for their approval at the Annual General Meeting in 2013.
Commenting on the Board's decision, Vitaly Nesis, CEO of Polymetal, said: "The declaration of the first special dividend in the Company's history reaffirms our commitment to capital discipline and is also a result of solid operating and financial results of the Group to date. The implementation of our new dividend policy reflects the importance we place on delivering meaningful cash returns to our shareholders and sustainable value creation".
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 | Canaccord Genuity Andrei Kroupnik Roger Lambert | +44 20 7523 8350 |
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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