Sylvania Platinum Limited
AIM (SLP)
Issued shares: 298,231,896
21 January 2013
Sylvania Platinum is pleased to announce its new dividend policy, which has been agreed by the Board and will be applied from H2 2013 onwards.
BackgroundAfter 5 years of continuous capital investment, Sylvania now has seven long life chrome tailings processing complexes. The Company currently has a positive cash balance, with longer dated projects on hold pending an improvement in PGM prices. This reduced planned capital expenditure enables the Company to forecast healthy positive free cash flows.
Dividend policy
Subject to the resultant company cash balance following the payment of any dividend being greater than $8 million, the Board of the Company will recommend paying a minimum of 25% of the previous half year earnings as a cash dividend. Dividends will be paid semi-annually with the first payment targeted for December 2013, and payments thereafter every June and December.
Terry McConnachie, Chief Executive Officer, commented: "Following feedback from our shareholders and in consideration of the Company's strong financial position and outlook, I am delighted to announce the new dividend policy. This demonstrates our commitment to shareholder-friendly capital allocation and creating value for our investors. The Board has not lost sight of the longer term strategy to realise value from our development projects and will look forward to our Chairman elect Stuart Murray to lead this process."
The Company also announces that it has updated its corporate presentation, which is available for viewing on its website www.sylvaniaplatinum.com
CONTACT DETAILS
For further information please contact:
Terence McConnachie (Chief Executive Officer)
+44 777 533 7175
Liberum Capital Limited
Michael Rawlinson/Tom Fyson/Christopher
Kololian
+44 (0) 20 3100 2000
+44 (0) 20 7653 9850
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