Ferrexpo PLC Special Dividend (6287Y)
December 07 2017 - 1:01AM
UK Regulatory
TIDMFXPO
RNS Number : 6287Y
Ferrexpo PLC
07 December 2017
7 December 2017
FERREXPO plc
("Ferrexpo" or the "Group")
Special dividend
Ferrexpo is pleased to announce a special dividend of 3.3 US
cents per share. This follows the payment of an interim dividend
for the first six months of 2017 of 3.3 US cents per share which
was paid on 8 September 2017 (1H 2016: nil).
Ferrexpo's dividend policy is to pay a base level of sustainable
dividends through the commodities cycle of approximately US$40
million per annum (or 3.3 US cents per half year). In addition, the
Board assesses the merits of additional returns to shareholders via
special dividends, to be paid from cash flows in excess of the
Group's needs when taking into account debt repayments and
development capital expenditure. If appropriate, the Group will
target special dividends of approximately US$40 million per
financial year (or a total of 6.6 US cents per share) to be paid at
an appropriate time in its reporting cycle.
The Board's strategy is to maintain a balance between
sustainable and attractive shareholder returns, investment in
growth opportunities and balance sheet strength.
The Company has continued to trade strongly since it announced
its half-year results on 3 August, and its cash flows have further
reduced net debt and funded capital expenditure. Together with the
strong demand outlook for pellets in 2018, this has given the Board
confidence to declare this dividend.
The special dividend will be paid on 15 January 2018 to
shareholders on the register at the close of business on 15
December 2017. The ex-dividend date will be 14 December 2017. The
dividend will be paid in UK Pounds Sterling, with an election to
receive in US Dollars.
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland:
James Isola +44 207 379 5151
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for 40 years.
Ferrexpo's resource base is one of the largest iron ore deposits in
the world. The Group is currently the 3rd largest exporter of
pellets to the global steel industry and the largest exporter of
pellets from the Former Soviet Union. In 2016, it produced 11.2
million tonnes of pellets reflecting a 2% increase in production of
the Group's highest quality pellets to a record 10.5 million
tonnes. Ferrexpo has a diversified customer base supplying steel
mills in Austria, Slovakia, the Czech Republic, Germany and other
European states, as well as in China, India, Japan, Taiwan and
South Korea. Ferrexpo is listed on the main market of the London
Stock Exchange under the ticker FXPO. For further information,
please visit www.ferrexpo.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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