Polymetal International plc Board approves special dividend of US$ 0.50 per share
Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to announce that on 4 December 2012 the Board of Directors of the Company approved a special dividend of US$0.50 per share for the year ending 31 December 2012.
Dividend declaration
In accordance with the Company's new dividend policy announced on 17 October 2012, the Directors of Polymetal, having considered the performance of the Group during the year to date, available free cash flows and future investment requirements, have resolved to pay a special dividend of US$0.50 per ordinary share, representing a total of approximately US$191 million.
The dividend will be paid on 21 January 2013 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling. Such election should be made not later than 7 January 2013. Shareholders should note the change in default currency from GBP to US Dollars and that all current currency elections are being revoked and payment of the special dividend will be made in US Dollars unless the shareholder submits a new currency election by the above deadline. Payments in pounds sterling will be based on the US$/GBP exchange rate determined by the Company on 10 January 2013 and announced immediately thereafter.
Details:
EX DIV DATE: 12 December 2012
RECORD DATE: 14 December 2012
LAST DATE FOR CURRENCY ELECTION: 7 January 2013
PAYMENT DATE: 21 January 2013
The Company's dividend policy is that regular dividends shall represent 30% of the Company's net earnings provided that net debt / adjusted EBITDA is below 1.75. The amount of the final dividend for the year will be reviewed by the Board in due course in accordance with this policy and recommended to shareholders for their approval at the Annual General Meeting in 2013.
