Business
Announcement of maiden dividends
Announcement of maiden dividends.
About this update from Central Asia Metals Plc
[{"type":"text","content":"\n \nRNS Number : 4168T Central Asia Metals PLC 13 December 2012 \n \n\n13 December 2012\n \nCENTRAL ASIA METALS PLC\n \n(\"CAML\" or the \"Company\")\n \nCAML announces maiden dividends\nHighlights:\n· Annual dividend policy adopted\no Maiden interim dividend of $4.5 million declared, equivalent to 3.30 pence per ordinary share\no Final dividend of a similar amount currently expected to be declared in March 2013\no In addition, special dividend of $5.0 million declared, equivalent to 3.70 pence per ordinary share \n· Kounrad production exceeds 6,250 tonnes of copper in first eight months of production\n· Current CAML Group cash balance of $29.3 million\n\nAnnual Dividends\nCAML is pleased to announce that it is adopting a dividend policy which will result in the Company paying annual dividends to its shareholders. The annual dividend will be calculated as a percentage of the attributable revenues earned from its SX-EW copper project at Kounrad, Kazakhstan and will be a minimum of 20% of such revenues. The payments will be will be made by means of an interim and final dividend subject to the Company's cash reserves providing a dividend cover of three times or greater.\nFor 2012, due to the particularly strong cash-flows generated by the Kounrad project, the Company is targeting to distribute 30% of the attributable revenue. The Directors have therefore declared a maiden interim dividend for the year of $4.5 million. This equates to 3.30 pence per ordinary share based on an exchange rate of £1 = $1.60. The ordinary shares will go ex-dividend on 16 January 2013 and the interim dividend will be payable to all shareholders registered at the record date of 18 January 2013 and will be paid on 1 February 2013. \nThe Company currently expects that it will be in a position to declare a final dividend for the year ending 31 December 2012 of a similar amount. This will be announced at the time of the Company's annual results for 2012, which are scheduled to be released by the end of March 2013.\nSpecial Dividend\nThe Company has also decided to pay a special dividend to its shareholders of $5.0 million to recognise the significant savings the Compan...