Business
Declaration of Extraordinary Dividend and Update
Declaration of Extraordinary Dividend and Update.
About this update from Fresnillo Plc
[{"type":"text","content":"\n \nRNS Number : 2804R Fresnillo PLC 24 October 2013 \n \n\n Fresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n \n24 October 2013\n \nDeclaration of Extraordinary Dividend, appointment of Chief Operating Officer and update on Minera Penmont explosives permits.\n \nFresnillo plc is pleased to announce the payment of an extraordinary dividend of US$165.0 million, equivalent to 22.39 US cents per share. It is also announcing that it has appointed Roberto Diaz as chief operating officer with effect from 1 November 2013, and is providing a further update on the temporary suspension of explosives permit at Minera Penmont.\n \nThe extraordinary dividend, payable on 11 November 2013 to shareholders on the register on 1 November 2013, will include dividend payments that shareholders may otherwise have expected to receive from dividends payable in 2014. This has been agreed by the Board of Fresnillo following a comprehensive review of the company's current and future financial requirements. The board believes that the company has a strong balance sheet and is well placed to meet capital expenditure plans for its development and exploration projects. Given the foregoing, it believes that it is appropriate to make an advance of future earnings to shareholders at this time instead of at a future date.\n \nFresnillo's existing dividend policy remains in place, which takes into account the profitability of the business and underlying growth in earnings of the Fresnillo Group, as well as its capital requirements and cash flows whilst maintaining an appropriate level of dividend cover. \n \nChief Operating Officer\n \nRoberto Diaz has been appointed Chief Ope...