REG-Polymetal International plc Polymetal: Final dividend declaration of US$ 0.89 per share

Polymetal International PKAnnouncement

03/03/2021 07:05

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   Polymetal International plc (POLY)
   Polymetal: Final dividend declaration of US$ 0.89 per share

   03-March-2021 / 10:02 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Release IMMEDIATE                                                         
   time    LSE, MOEX, AIX: POLY / ADR: AUCOY
   Date    03 March 2021

    

   Polymetal International plc

   Final dividend declaration of US$ 0.89 per share

   Polymetal is  pleased to  announce  that the  Board  of Directors  of  the
   Company has recommended the  payment of a final  dividend of US$ 0.89  per
   share for the year ended 31 December 2020.

       Dividend declaration

   The Board proposed a final dividend of US$ 0.89 per share (approx. US$ 419
   million),  which  comprises  US$  0.74  per  share  representing  50%   of
   underlying net earnings for  the 2H 2020 and  a discretionary part of  US$
   0.15 per share  to make  the total  dividend for  2020 equal  100% of  the
   full-year free cash flow, in accordance with the updated dividend  policy.
   This will  bring  the total  dividend  declared for  the  FY 2020  to  the
   historical record level of US$ 1.29  per share (an increase of 57%  versus
   US$ 0.82 for 2019) or  US$ 608 million in  total (2019: US$ 385  million).
   Based on the  average share price  for 2020, dividend  yield for the  year
   stays at 6.3% and 5-year average dividend yield at 5%, which remain one of
   the highest levels in the industry.

   The decision to distribute 100% of the free cash flow to shareholders  was
   underpinned by the strong balance sheet (Net Debt/Adjusted EBITDA of 0.8x,
   significantly below the  target level of  1.5x and hard  ceiling ratio  of
   less  than  2.5x),  excellent  underlying  business  performance   despite
   COVID-related challenges  and  confidence  in  the  Company's  ability  to
   maintain a very comfortable balance sheet position after dividend payment,
   not putting any  projects or  FY 2021 dividends  at risk.  The Board  will
   continue to  exercise  careful  judgement  in  making  next  discretionary
   dividend  decision  in  2022  for  FY  2021,  taking  into  account   both
   backward-looking and forward-looking factors.

   The final dividend will be subject  to shareholder approval at the  Annual
   General Meeting  of the  Company to  be held  on 26  April 2021.  Assuming
   shareholder approval is received, the dividend will be paid on 28 May 2021
   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 11 May 2021. Payments in pounds sterling and euro will be based
   on the USD/GBP and USD/EUR exchange rates determined by the Company on  14
   May 2021 and announced immediately thereafter.

       Details

   EX DIV DATE:              06 May 2021

   RECORD DATE:              07 May 2021

   LAST DATE FOR CURRENCY ELECTION:  11 May 2021

   PAYMENT DATE:                                             28 May 2021

   The Company's issued share capital comprises 471,818,000 ordinary shares.

   About Polymetal 

   Polymetal International plc (together with its subsidiaries - "Polymetal",
   the "Company", or the "Group") is a top-10 global gold producer and  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
                                  Polymetal
                                              1 ir@polymetalinternational.com
   FTI Consulting                 Evgeny
                          +44 20  Monakhov   +44 20 7887 1475 (UK)
   Leonid Fink            3727
                          1000    Timofey     
   Viktor Pomichal                Kulakov
                                             +7 812 334 3666 (Russia)
                                  Kirill
                                  Kuznetsov
       Joint Corporate Brokers         
                          +44 20
   Morgan Stanley & Co.   7425
   International plc      8000

   Andrew Foster                  RBC Europe
                                  Limited
   Richard Brown           
                                  Marcus     +44 20 7653 4000
   Panmure Gordon                 Jackson

   Daniel Norman                  Jamil Miah

   John Prior             +44 20
                          7886
                          2500

    

   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.

    

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   ISIN:          JE00B6T5S470
   Category Code: DIV
   TIDM:          POLY
   LEI Code:      213800JKJ5HJWYS4GR61
   Sequence No.:  94685
   EQS News ID:   1172616


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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