Polymetal International plc (POLY)
Polymetal: Board approves special dividend of US$ 0.20 per share
31-Jan-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 31 January 2020
Polymetal International plc
Board approves special dividend of US$ 0.20 per share
Polymetal is pleased to announce that on 30 January 2020 the Board of
Directors of the Company approved a special dividend of US$ 0.20 per share
for the year ended 31 December 2019.
Dividend declaration
In accordance with the Company's dividend policy, the Directors of
Polymetal, having considered the Group's performance in 2019, including
available free cash flows and debt levels as well as macroeconomic outlook
and future investment requirements, have resolved to pay a special dividend
of US$ 0.20 per ordinary share, representing approximately US$ 94 million in
aggregate.
The special dividend will be paid on 5 March 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 17 February 2020.
Payments in pounds sterling and euro will be based on the USD/GBP and
USD/EUR exchange rates determined by the Company on 19 February 2020 and
announced immediately thereafter.
Details
EX DIV DATE: 13 February 2020
RECORD DATE: 14 February 2020
LAST DATE FOR CURRENCY ELECTION: 17 February 2020
PAYMENT DATE: 05 March 2020
The Company's issued share capital comprises 470,188,201 ordinary shares.
"Significant free cash flow generated by Polymetal in 2019 underpins the
payment of a special dividend, while ensuring that our leverage ratio
remains at our target 1.5x Net Debt/EBITDA level. This decision supports our
commitment to deliver meaningful and sustainable cash returns to our
shareholders", said Vitaly Nesis, Group CEO.
Regular dividend policy
The Company's dividend policy remains unchanged. The target payout ratio is
50% of underlying net earnings for the period on a semi-annual basis
provided that Net debt / adjusted EBITDA is below 2.5x. The Board considers
the potential for a special dividend on an annual basis. The special
dividend decision is based, among other factors, on available free cash flow
(post regular dividends), forward-looking financial projections, market
outlook, and other relevant factors.
The amount of the final dividend for the full year 2019 will be reviewed by
the Board in March and recommended to shareholders for their approval at the
Annual General Meeting in April 2020.
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
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.: 43633
EQS News ID: 964523
End of Announcement EQS News Service
(END) Dow Jones Newswires
January 31, 2020 02:00 ET (07:00 GMT)
