Polymetal: Board approves special dividend of US$ 0.20 per share

Polymetal International plc

Board approves special dividend of US$ 0.20 per share

Polymetal is pleased to announce that on 30 January 2020 the Board of Directors of the Company approved a special dividend of US$ 0.20 per share for the year ended 31 December 2019.

In accordance with the Company's dividend policy, the Directors of Polymetal, having considered the Group's performance in 2019, including available free cash flows and debt levels as well as macroeconomic outlook and future investment requirements, have resolved to pay a special dividend of US$ 0.20 per ordinary share, representing approximately US$ 94 million in aggregate.

The special dividend will be paid on 5 March 2020 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling or euro. Such an election should be made no later than 17 February 2020. Payments in pounds sterling and euro will be based on the USD/GBP and USD/EUR exchange rates determined by the Company on 19 February 2020 and announced immediately thereafter.

EX DIV DATE:  13 February 2020

RECORD DATE:  14 February 2020

LAST DATE FOR CURRENCY ELECTION:  17 February 2020

PAYMENT DATE: 05 March 2020

The Company's issued share capital comprises 470,188,201 ordinary shares.

"Significant free cash flow generated by Polymetal in 2019 underpins the payment of a special dividend, while ensuring that our leverage ratio remains at our target 1.5x Net Debt/EBITDA level. This decision supports our commitment to deliver meaningful and sustainable cash returns to our shareholders", said Vitaly Nesis, Group CEO.

The Company's dividend policy remains unchanged. The target payout ratio is 50% of underlying net earnings for the period on a semi-annual basis provided that Net debt / adjusted EBITDA is below 2.5x. The Board considers the potential for a special dividend on an annual basis. The special dividend decision is based, among other factors, on available free cash flow (post regular dividends), forward-looking financial projections, market outlook, and other relevant factors.

The amount of the final dividend for the full year 2019 will be reviewed by the Board in March and recommended to shareholders for their approval at the Annual General Meeting in April 2020.

About Polymetal 

Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

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