REG-Polymetal International plc Polymetal: Interim dividend declaration of US$ 0.40 per share and approval of revised dividend policy

Polymetal International PKAnnouncement

26/08/2020 07:05

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   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.

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   Release IMMEDIATE                                                        
   time    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
                              Polymetal
                                              1 ir@polymetalinternational.com
   FTI Consulting             Evgeny
                              Monakhov       +44 20 7887 1475 (UK)
   Leonid Fink     +44 20
                   3727 1000  Timofey         
   Viktor Pomichal            Kulakov
                                             +7 812 334 3666 (Russia)
                              Kirill
                              Kuznetsov
       Joint Corporate             
       Brokers
   Morgan Stanley  +44 20
                   7425 8000
   Andrew Foster              RBC Europe
                              Limited
   Richard Brown
                              Marcus Jackson +44 20 7653 4000
   Panmure Gordon
                              Jamil Miah
   James Stearns
                   +44 20
   John Prior      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
   Sequence No.:  82874
   EQS News ID:   1123229


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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