The Pan African Resources PLC board has proposed a final dividend of ZAR402.2 million for the 2021 financial year (approximately US$28.3 million), equal to ZA 18.00000 cents per share or approximately US 1.26671 cents per share (0.91556 pence per share). The dividend is subject to approval by shareholders at the AGM, which is to be convened for Thursday, 25 November 2021.
In light of the robust current financial year results and the favourable financial prospects for the next financial year, the board has applied its discretion and has proposed a dividend in excess of the Company’s dividend policy guidelines, which provide for a 40% payout ratio of net cash generated from operating activities.
Assuming shareholders approve the final dividend, the following salient dates would apply:
|Annual general meeting||Thursday, 25 November 2021|
|Currency conversion date||Thursday, 25 November 2021|
|Currency conversion announcement released by 11:00 (SA time)||Friday, 26 November 2021|
|Last date to trade on the JSE||Tuesday, 30 November 2021|
|Last date to trade on the LSE||Wednesday, 1 December 2021|
|Ex-dividend date on the JSE||Wednesday, 1 December 2021|
|Ex-dividend date on the LSE||Thursday, 2 December 2021|
|Record date on the JSE and LSE||Friday, 3 December 2021|
|Payment date||Tuesday, 14 December 2021|
The pound sterling (GBP) and US$ proposed final dividend was calculated based on a total of 2,234,687,537 shares in issue and an illustrative exchange rate of US$/ZAR:14.21 and GBP/ZAR:19.66, respectively.
No transfers between the Johannesburg and London registers, between the commencement of trading on Wednesday, 1 December 2021 and close of business on Friday, 3 December 2021 will be permitted.
No shares may be dematerialised or rematerialised between Wednesday, 1 December 2021 and Friday, 3 December 2021, both days inclusive.
The South African dividends taxation rate is 20% per ordinary share for shareholders who are liable to pay dividends taxation, resulting in a net dividend of ZA 14.40000 cents per share for these shareholders. Foreign investors may qualify for a lower dividend taxation rate, subject to completing a dividend taxation declaration and submitting it to Computershare Investor Services Proprietary Limited or Link Asset Services, who manage the South African and UK registers, respectively. The Company's South African income taxation reference number is 9154588173. The proposed dividend will be paid out of the Company's retained earnings, without drawing on any other capital reserves.