Business
Special Dividend
Special Dividend.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 6287Y Ferrexpo PLC 07 December 2017 \n\n \n7 December 2017\n \nFERREXPO plc\n(\"Ferrexpo\" or the \"Group\")\n \nSpecial dividend\n \nFerrexpo 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). \nFerrexpo'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.\n \nThe Board's strategy is to maintain a balance between sustainable and attractive shareholder returns, investment in growth opportunities and balance sheet strength.\n \nThe 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.\n \nThe 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.\n \n \nFor further information contact:\n \n\n\n\n\nFerrexpo: \n\n\n\n\n\n\n\nIngrid McMahon\n\n\n+44 207 389 8304\n \n\n\n\n\nMaitland:\n\n\n\n\n\n\n\nJames Isola\n\n\n+44 207 379 5151\n\n\n\n\n\n\n\n\n\n\n\n\nNotes to Editors:\n \nFerrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality ...