REG - Tharisa PLC - Half-year Report

TharisaAnnouncement

23/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240523:nRSW5253Pa&default-theme=true

RNS Number : 5253P  Tharisa PLC  23 May 2024

Tharisa plc

(Incorporated in the Republic of Cyprus with limited liability)

(Registration number HE223412)

JSE share code: THA

LSE share code: THS

A2X share code: THA

ISIN: CY0103562118

LEI: 213800WW4YWMVVZIJM90

('Tharisa' or the 'Company')

 

Interim results announcement for the six months ended 31 March 2024 and
Interim DIVIDEND DECLARATION

Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates exploration, mining, processing
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers.

Its principal operating asset is the Tharisa Mine, located in the
south-western limb of the Bushveld Complex, South Africa. The mine has a
13-year open pit life and is strategically advancing the vast mechanised
underground resource which extends for over 60 years. Tharisa is developing
Karo Platinum, a low-cost, open-pit PGM asset located on the Great Dyke in
Zimbabwe.

 

The Company is committed to reducing its carbon emissions by 30% by 2030 and
the development of a roadmap to become net carbon neutral by 2050. As part of
this energy transition, the 40MW solar project adjacent to the Tharisa Mine is
well advanced. Redox One, a wholly owned subsidiary, is accelerating the
development of proprietary iron chromium redox flow long duration battery
storage utilising the commodities we mine.

 

 Revenue                             EBITDA                                NET PROFIT AFTER TAX

 US$369.1 m                          US$79.6 m                             US$38.8 m

 up 10.1%                            down 2.0%                             down 29.1%

 (HY2023: US$335.3 m)                (HY2023: US$81.2 m)                   (HY2023: US$54.7 m)

 NET CASH FROM OPERATING ACTIVITIES  CAPITAL EXPENDITURE                   CASH AND CASH EQUIVALENTS*

 US$86.2 m                                                                 US$198.5 m

 down 11.2%                          US$114.1 m

 (HY2023: US$97.1 m)                 includes US$63.1 m on Karo Platinum   (FY2023: US$269.0 m)

                                     (HY2023: US$49.3 m)

 EPS                                 HEPS                                  INTERIM DIVIDEND

 US 12.8 cents                       US 13.2 cents                         US 1.5 cents

 down 26.4%                          down 25.0%                            24.5% of NPAT(**)

 (HY2023: US 17.4 cents)             (HY2023: US 17.6 cents)               (HY2023: US 3 cents)

 * including restricted bank deposits

 **proportion of NPAT including share repurchase programme underway

 

DIVIDEND CURRENCY CONVERSION RATES AND TIMETABLE

An interim dividend of US 1.5 cents per ordinary share has been declared. The
interim dividend will be paid on Wednesday, 26 June 2024 and will be paid from
income reserves.

Shareholders on the principal Cyprus register will be paid in United States
Dollar (US$), shareholders whose shares are held through Central Securities
Depositary Participants (CSDPs) and brokers and are traded on the JSE will be
paid in South African Rand (ZAR) and holders of Depositary Interests traded on
the LSE will be paid in Sterling (GBP).  The currency equivalents of the
dividend, based on the weighted average of the South African Reserve Bank's
daily rate at approximately 10:30 (UTC+2) on 22 May 2024, being the currency
conversion date, are as follows:

                       Exchange rate      Dividend per share in payment currency
 South Africa - JSE    ZAR18.18710 / US$  27.28065 South African cents per share
 United Kingdom - LSE  GBP0.78579 / US$   1.17869 pence per share

 

The timetable for the dividend declaration is as follows:

Currency conversion
date:
 
                Wednesday, 22 May 2024

Declaration date and currency conversion dates announced:
                    Thursday, 23 May 2024

Last day to trade cum-dividend rights on the JSE:
                                    Tuesday, 11 June 2024

Last day to trade cum-dividend rights on the LSE:
                              Wednesday, 12 June 2024

Shares will trade ex-dividend rights on the JSE:
                                 Wednesday, 12 June 2024

Shares will trade ex-dividend rights on the LSE:
                                     Thursday, 13 June
2024

Record date for payment on both JSE and LSE:
                                         Friday, 14 June
2024

Dividend payment date:
 
   Wednesday, 26 June 2024

 

No dematerialisation or rematerialisation of shares within Strate will be
permitted between Wednesday, 12 June 2024 and Friday, 14 June 2024, both days
inclusive.  No transfers between registers will be permitted between
Wednesday, 22 May 2024 and Friday, 14 June 2024, both days inclusive.

Tax implications of the dividend

Shareholders and Depositary Interest holders should note that information
provided should not be regarded as tax advice.

Shareholders are advised that the dividend declared will be paid out of income
reserves and may therefore be subject to dividend withholding tax depending on
the tax residency of the shareholder. Funds will be paid from Cyprus.

South African tax residents

South African shareholders are advised that the dividend constitutes a foreign
dividend.  For individual South African tax resident shareholders, dividend
withholding tax of 20% will be applied to the gross dividend of 27.28065 South
African cents per share.  Therefore, the net dividend of  21.82452 South
African cents per share will be paid after 5.45613 South African cents in
terms of dividend withholding tax has been applied.  Shareholders who are
South African tax resident companies are exempt from dividend tax and will
receive the dividend of 21.82452 South African cents per share.  This does
not constitute legal or tax advice and is based on taxation law and practice
in South Africa.  Shareholders should consult their brokers, financial and/or
tax advisors with regard to how they will be impacted by the payment of the
dividend.

UK tax residents

UK tax residents are advised that the dividend constitutes a foreign dividend
and that they should consult their brokers, financial and/or tax advisors with
regard to how they will be impacted by the payment of the dividend.

Cyprus tax residents

Individual Cyprus tax residents are advised that the dividend constitutes a
local dividend and that they should consult their brokers, financial and/or
tax advisors with regard to how they will be impacted by the payment of the
dividend.

 

ADDITIONAL INFORMATION REQUIRED BY THE JSE LISTING REQUIREMENTS

Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 23
May 2024, of which 299 837 338 carry voting rights and are eligible to
receive dividends.

This short form announcement is the responsibility of the directors.

BDO Limited has expressed an unmodified review opinion on the reviewed interim
condensed consolidated financial statements.

The interim  condensed consolidated financial statements ("full
announcement") can be found on the Company's website at www.tharisa.com
(http://www.tharisa.com) and viewed on the JSE link:
https://senspdf.jse.co.za/documents/2024/jse/isse/THA/H1results.pdf
(https://senspdf.jse.co.za/documents/2024/jse/isse/THA/H1results.pdf) . Any
investment decision should be based on the full announcement.

By order of the Board

P Pouroulis Chief Executive
Officer                           MG Jones Chief
Finance Officer

23 May 2024

 

DIRECTORS

Loucas Pouroulis (Executive Chairman)

Phoevos Pouroulis (Chief Executive Officer)

Michael Jones (Chief Finance Officer)

Carol Bell (Lead Independent Director)

David Salter (Independent non-executive director)

Gloria Zvaravanhu (Independent non-executive director)

Omar Kamal (Independent non-executive director)

Roger Davey (Independent non-executive director)

Shelley Wai Man Lo (Non-executive director)

Hao Chen (Non-executive director)

 

REGISTERED ADDRESS

Office 108 - 110

S. Pittokopitis Business Centre

17 Neophytou Nicolaides and Kilkis Streets, 8011 Paphos, Cyprus

www.tharisa.com (http://www.tharisa.com)

 

GROUP COMPANY SECRETARY

Sanet Findlay

The Crossing, 372 Main Road

Bryanston, Johannesburg, 2022

South Africa

Email: secretarial@tharisa.com

 

ASSISTANT COMPANY SECRETARY

Lysandros Lysandrides

31 Evagoras Ave

6(th) Floor Evagoras House

1066 Nicosia

Cyprus

 

TRANSFER SECRETARIES

Computershare Investor Services Proprietary Limited, Cymain Registrars Limited

JSE Sponsor

Investec Bank Limited

Connect with us on LinkedIn
(https://www.linkedin.com/company/tharisa-limited/?viewAsMember=true) to get
further news and updates about our business.

Investor Relations Contacts:

Ilja Graulich (Head of Investor Relations and Communications)

+27 11 996 3500

+27 83 604 0820

igraulich@tharisa.com (mailto:igraulich@tharisa.com)

Broker Contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / Georgia Langoulant

+44 207 418 8900

 

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Nick Macann

+44 207 236 1010

 

Berenberg (UK Joint Broker)

Matthew Armitt / Jennifer Lee / Detlir Elezi

+44 203 207 7800

 

About Tharisa

Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates exploration, mining, processing
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its principal
operating asset is the Tharisa Mine, located in the south-western limb of the
Bushveld Complex, South Africa. The mine has a 13-year open pit life and is
strategically advancing the vast mechanised underground resource which extends
for over 60 years. Tharisa is developing the Karo Platinum Project, a
low-cost, open-pit PGM asset located on the Great Dyke in Zimbabwe. The
Company is committed to reducing its carbon emissions by 30% by 2030 and the
development of a roadmap to become net carbon neutral by 2050. As part of this
energy transition, the 40 MW solar project adjacent to the Tharisa Mine is
well advanced. Redox One is accelerating the development of a proprietary iron
chromium redox flow long duration battery utilising the commodities we mine.
Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the
Main Board of the London Stock Exchange (LSE: THS).

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCQKBBBPBKDAPB