Anglo Pacific Group PLC (“Anglo Pacific” or the “Company”) (LSE: APF, TSX: APY) is pleased to declare an interim dividend for 2017 of 3p per share. This will be the first dividend paid under the Company’s new dividend payment schedule, which will accelerate the payment of dividends by 85 days. Following the payment of the interim dividend on November 15, 2017 the Company will commence paying its dividend on a quarterly basis.
The Company intends to pay the quarterly instalments in even tranches, although the fourth quarter dividend may be adjusted to reflect the actual level of income earned during the year. The overall level of dividends, currently set at 6p per annum, is routinely reviewed when announcing our full year results.
The final dividend will continue to be subject to shareholder approval at the Company’s Annual General Meeting (“AGM”). The directors will consider the appropriateness of a scrip alternative at each record date.
This accelerated timetable means that, absent any revision to the current annual level of 6p, shareholders should receive dividends totalling 9p over the course of the next twelve months (as outlined in the table below).
|Indicative next twelve months payment schedule|
|2016 Final||H1 17||Q3 17||Final 17 *|
|Ex-dividend date (TSX)||28-Jun-17||04-Oct-17||03-Jan-18||04-Apr-18|
|Ex-dividend date (LSE)||29-Jun-17||05-Oct-17||04-Jan-18||05-Apr-18|
|* subject to shareholder approval at the 2018 AGM|
Julian Treger, Chief Executive Officer, commented:
“Mining has fully returned to our private royalty land at Kestrel and we expect a stable flow of income going forward in terms of production volumes. This gives us the confidence to increase the frequency of our dividend payments to match the timing of our quarterly royalty receipts.
We have listened to feedback from shareholders, and are pleased to announce a shortening of the time gap between declaring and paying our dividend which means that the 2017 interim dividend will be paid some 85 days earlier than was the case for the equivalent dividend for 2016.
We will monitor our total level of income closely in the second half of the year before making a decision on the level of the final dividend for 2017. In the interim our shareholders will benefit from the changes announced today which should mean that, absent any revisions to the current annual dividend of 6p, shareholders will receive dividends totalling 9p over the course of the next twelve months.”
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