Australia's Deterra Royalties down after takeover bid for Trident Royalties

Trident Royalties

14/06/2024 02:31

** Shares of mining royalty firm Deterra Royalties  DRR.AX 
fall as much as 12.6% to A$3.90, their lowest since Nov. 8, 2021
    ** Co announced on Thursday all-cash offer for diversified
mining royalty co Trident Royalties  TRR.L  for 144 mln pounds
($183.73 mln)
    ** Said it will pay out 100% of FY24 NPAT as dividends and
target a payout ratio of 50% thereafter given the takeover offer
    ** Citi says announced reduction in dividend payout will be
disappointing for DRR shareholders
    ** Brokerage says Trident's principal exposure to lithium
might be a concern to DRR investors
    ** DRR stock down 15.37% this year, as of last close

($1 = 0.7838 pounds)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))