Central Asia Metals PLC Announcement of maiden dividends (4168T)
13 Dicembre 2012 - 8:00AM
UK Regulatory
TIDMCAML
RNS Number : 4168T
Central Asia Metals PLC
13 December 2012
13 December 2012
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
CAML announces maiden dividends
Highlights:
-- Annual dividend policy adopted
o Maiden interim dividend of $4.5 million declared, equivalent
to 3.30 pence per ordinary share
o Final dividend of a similar amount currently expected to be
declared in March 2013
o In addition, special dividend of $5.0 million declared,
equivalent to 3.70 pence per ordinary share
-- Kounrad production exceeds 6,250 tonnes of copper in first eight months of production
-- Current CAML Group cash balance of $29.3 million
Annual Dividends
CAML 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.
For 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 GBP1
= $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.
The 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.
Special Dividend
The Company has also decided to pay a special dividend to its
shareholders of $5.0 million to recognise the significant savings
the Company has achieved in the construction and commissioning of
the plant at Kounrad and the better than anticipated production
levels achieved.
This equates to 3.70 pence per ordinary share based on an
exchange rate of GBP1 = $1.60. The ordinary shares will go
ex-dividend on 16 January 2013 and the special dividend will be
payable to all shareholders registered at the record date of 18
January 2013 and will be paid on 1 February 2013.
The total dividends to be paid of $9.5million, 7 pence per
ordinary share, enables CAML to return cash to its shareholders,
whilst also enabling it to invest in the future growth of the
business. The dividends have also been agreed after due
consideration of the current and expected profitability of the
business, the inherent volatility associated with the commodity
markets and the funding requirements for a potential second 10,000
tonne per annum SX-EW plant at Kounrad.
Kounrad Production Update
The initial Kounrad production target for 2012 was 5,000 tonnes
of copper and this was increased to 5,750 tonnes in late September
2012 at the time of the Company's interim announcement. As at 12
December 2012, production reached 6,250 tonnes of which 5,863
tonnes has been delivered to customers through the Company's
off-take arrangements with Traxys.
A full year production update will be announced in January
2013.
Nick Clarke, Chief Executive Officer commented:
"The announcement of dividend payments totalling $9.5 million
representing 7 pence per ordinary share reflects the transformation
that has taken place in the Company's financial position over the
past two years. This is a result of our commitment across the CAML
Group to capital and operational cost discipline and a successful
first eight months of copper production at Kounrad.
The implementation of an annual dividend policy also reflects
the importance the Company places on delivering meaningful cash
returns to our shareholders and sustainable value creation."
Enquiries:
Central Asia Metals plc Nick Clarke +44 (0) 20 7898 9001
Nigel Robinson
Canaccord Genuity Limited Andrew Chubb +44 (0)20 7253 8000
Rob Collins
Mirabaud Securities LLP Peter Krens +44 (0)20 7878 3362
Pelham Bell Pottinger Charles Vivian +44 (0)20 7861 3232
Lorna Spears
Notes to Editors
Central Asia Metals plc ("CAML" or the "Company") is an
AIM-listed UK company based in London. Its countries of operation
are Kazakhstan and Mongolia. CAML is a copper production, precious
and base metals exploration and development company with majority
stakes in copper, gold and molybdenum projects throughout Central
Asia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DIVUUAWRURAUAAA
Grafico Azioni Central Asia Metals (LSE:CAML)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Central Asia Metals (LSE:CAML)
Storico
Da Lug 2023 a Lug 2024