Polymetal: Interim dividend declaration of US$ 0.40 per share and approval of revised dividend policy (1123229)
26 Agosto 2020 - 01:05AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: Interim dividend declaration of US$ 0.40 per share and approval
of revised dividend policy
26-Aug-2020 / 09:05 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 26 August 2020
Polymetal International plc
Interim dividend declaration of US$ 0.40 per share and approval of revised
dividend policy
Polymetal announces that on 25 August 2020 the Board of Directors of the
Company resolved to pay an interim dividend of US$ 0.40 per share for the
six months ended 30 June 2020 and approved a revised dividend policy aimed
at increasing transparency to the market.
Dividend declaration
In accordance with the Company's Dividend Policy, the Directors of Polymetal
have resolved to pay an interim dividend for the six months ended 30 June
2020 of US$ 0.40 per share (1H 2019: US$ 0.20) or approximately US$ 189
million in total, representing 50% of the Group's underlying net income for
1H 2020, while staying significantly below the hard ceiling of Net
debt/Adjusted EBITDA ratio of less than 2.5x.
This brings the total dividend declared in 2020 to US$ 1.02 per share, or
US$ 481 million in aggregate, and the dividend yield to 5.4% based on the
average year-to-date share price.
The dividend will be paid on 25 September 2020 in US Dollars, with an option
for shareholders to elect to receive the dividend in pounds sterling or
Euro. Such an election should be made no later than 7 September 2020.
Payments in pounds sterling and Euro will be based on the USD/GBP and
USD/EUR exchange rates determined by the Company on 10 September 2020 and
announced immediately thereafter.
Details
EX DIV DATE: 03 September 2020
RECORD DATE: 04 September 2020
LAST DATE FOR CURRENCY ELECTION: 07 September 2020
PAYMENT DATE: 25 September 2020
The Company's issued share capital comprises 471,804,467 ordinary shares.
Revised dividend policy
With a view to increasing transparency in dividend decision making process,
adding predictability into capital allocation approach while aiming to
maintain an above sector-average dividend yield, the Board has approved an
amendment to the Company's dividend policy, which replaces special dividend
with a modified policy for final dividend payment. As a result, the revised
dividend policy is as follows:
? Minimum final dividend of 50% of Underlying Net Income for 2H (subject
to absolute Net debt/Adjusted EBITDA ceiling of 2.5x).
? In addition, the Board will now have discretion to increase the final
dividend amount to a maximum annual payout of 100% of Free Cash Flow
(provided that it is greater than 50% of Underlying Net Income). In making
this decision, the Board will consider, among other factors, the
macroeconomic outlook, debt position and future investment requirements of
the Group.
? Interim dividend will remain at 50% of Underlying Net Income for 1H
(subject to absolute Net debt/Adjusted EBITDA ceiling of 2.5x).
With this amendment, starting from 2021, Polymetal will pay dividends twice
a year on a semi-annual basis.
"Our updated divided policy responds to the market's request for higher
transparency", said Maxim Nazimok, CFO of Polymetal. "We remain committed to
providing superior sustainable dividends and returning cash flows to our
shareholders".
About Polymetal
Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its
subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20
global gold producer and a top-5 global silver producer with assets in
Russia and Kazakhstan. The Company combines strong growth with a robust
dividend yield.
Enquiries
Media Investor Relations
FTI +44 20 3727 Polymetal ir@polymetalinternational.com
Consulting 1000
Evgeny +44 20 7887 1475 (UK)
Leonid Fink Monakhov
Viktor Timofey
Pomichal Kulakov
+7 812 334 3666 (Russia)
Kirill
Kuznetsov
Joint Corporate Brokers
Morgan +44 20 7425 RBC +44 20 7653 4000
Stanley 8000 Europe
Limited
Andrew
Foster Marcus
Jackson
Richard
Brown Jamil
Miah
Panmure
Gordon +44 20 7886
2500
James
Stearns
John Prior
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.
ISIN: JE00B6T5S470
Category Code: DIV
TIDM: POLY
Sequence No.: 82874
EQS News ID: 1123229
End of Announcement EQS News Service
(END) Dow Jones Newswires
August 26, 2020 02:05 ET (06:05 GMT)
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