8 Dec 2016 07:00
Release time | IMMEDIATE |
Date | 8 December 2016 |
Polymetal International plc
Board approves special dividend of US$0.15 per share
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is pleased to announce that on 7 December 2016 the Board of Directors of the Company approved a special dividend of US$0.15 per share for the year ending 31 December 2016.
Dividend declaration
In accordance with the Company's dividend policy, the Directors of Polymetal, having considered the Group's year-to-date performance, available free cash flows and future investment requirements, have resolved to pay a special dividend of US$0.15 per ordinary share, representing approximately US$64 million in aggregate. This brings total dividends declared for this financial year to US$0.24 per share (2015: US$0.51, 2014: US$0.41, 2013: US$0.09, 2012: US$0.81, 2011: US$0.20) or US$103 million.
This is the fourth special cash dividend in the Company's history, which follows special dividends paid in 2012, 2014 and 2015, totaling US$467 million.
The special dividend will be paid on 29 December 2016 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling. Such an election should be made no later than 19 December 2016. Payments in pounds sterling will be based on the US$/GBP exchange rate determined by the Company on 20 December 2016 and announced immediately thereafter.
EX DIV DATE: 15 December 2016
RECORD DATE: 16 December 2016
LAST DATE FOR CURRENCY ELECTION: 19 December 2016
PAYMENT DATE: 29 December 2016
The Company's issued share capital includes 428,262,338 ordinary shares.
"The special dividend for 2016 underscores Polymetal's ability to generate free cash flows and reaffirms our commitment to capital discipline through the commodity cycle, while also making meaningful progress on our substantial growth profile", said Vitaly Nesis, Group CEO.
Regular dividend policy
The Company's dividend policy remains unchanged. The target payout ratio is 30% of underlying net earnings (net earnings adjusted for non-cash foreign gains/losses and impairment charges) provided that Net debt / adjusted EBITDA is below 1.75x. The Board has the full discretion to act flexibly with regards to shareholder dividends should the self-imposed leverage covenant of 1.75x Net debt / adjusted EBITDA be exceeded.
The amount of the final dividend for the year will be reviewed by the Board in due course in accordance with the dividend policy and then recommended to shareholders for their approval at the Annual General Meeting in 2017.
Hedging policy
The Board reviewed the Company's hedging policy and approved the continued application of the existing no-hedge approach going forward.
Enquiries
| Media | Investor Relations | ||
FTI Consulting Leonid Fink Jenny Payne | +44 20 3727 1000 | Polymetal Maxim Nazimok Evgenia Onuschenko Maryana Nesis | ir@polymetalinternational.com
+7 812 313 5964 (Russia) +44 20 7016 9503 (UK) |
| Joint Corporate Brokers | |||
Morgan Stanley Sam McLennan Richard Brown | +44 20 7425 8000 | RBC Europe Limited Tristan Lovegrove Marcus Jackson | +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