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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