Amplats bestows Anglo with R15.7bn parting gift ahead of June demerger

ANGLO American Platinum (Amplats) on Monday said it would pay a special cash dividend of R15.7bn, equal to R59 per share.In addition to the miner’s per policy dividend of 40% of headline earnings, equal to R800m or R3/share, the payout amounts to a generous parting gift to 67% shareholder, Anglo American which in June will demerge its platinum unit.Amplats CFO Sayurie Naidoo said in an interview the company had been “reliant on Anglo from a balance sheet perspective,” adding: “We have a strong balance sheet and we have got cash on hand, so we landed on once-off additional dividend”.“It is normal as part of a demerger that there will be a discussion on appropriate balance sheet,” she said. Amplats also measured its balance sheet against its rivals and felt that post the demerger, in a cash neutral position, the company could maintain a 1x Ebitda to net debt ratio.“We still remain committed to a disciplined cpaital framework. Looking at what can distribute, we will still invest in the business and maintain our 40% base dividend [payout] still consider our capital projets including Moglakwena underground,” Naidoo said.The post Amplats unveils R15.7bn special dividend in parting gift to Anglo appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com