Russian gold miner Petropavlovsk said:
* ITS SHAREHOLDER PROSPERITY CAPITAL MANAGEMENT HAS PROPOSED THAT PETROPAVLOVSK ADOPTS A FORMAL DIVIDEND POLICY
* PROSPERITY HAS PROPOSED ACHIEVING A REGULAR PAYOUT OF 50% OF UNDERLYING NET EARNINGS ON A SEMI-ANNUAL BASIS, SUBJECT TO A HARD CEILING OF A NET DEBT/ADJUSTED EBITDA RATIO LOWER THAN 2.0X
* PROSPERITY HAS ALSO PROPOSED MAKING AN ANNUAL SPECIAL DIVIDEND PAYMENT, BASED, AMONG OTHER FACTORS, ON THE COMPANY’S AVAILABLE FREE CASH FLOW (POST REGULAR DIVIDENDS), FORWARD-LOOKING FINANCIAL PROJECTIONS, MARKET OUTLOOK AND OTHER INVESTMENT REQUIREMENTS
* THE BOARD HAS WELCOMED THE INITIATIVE BY PROSPERITY CAPITAL MANAGEMENT AND AGREES THAT IT IS TIMELY FOR PETROPAVLOVSK TO DEFINE A DIVIDEND POLICY
* SHAREHOLDERS WILL BE INVITED TO DEBATE PROSPERITY’S PROPOSAL AT A MEETING HELD ON JUNE 30
* IN THE LIGHT OF DISCUSSION AT THE AGM THE BOARD WILL FINALISE AND PUBLISH PETROPAVLOVSK’S DIVIDEND POLICY
Source text - bit.ly/37eJwMD
Further company coverage: (Gdansk Newsroom)
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