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Anglo Pacific Group PLC   -  APF   

Recommended Final Dividend for 2018

Released 07:00 06-Feb-2019

RNS Number : 1742P
Anglo Pacific Group PLC
06 February 2019
 

News Release

06 February 2019

Anglo Pacific Group PLC

Recommended Final Dividend for 2018

Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, is pleased to announce that the directors are recommending a 25% increase in the final dividend for 2018, to be approved at the 2019 Annual General Meeting ("AGM") on 13 May 2019.

 

Highlights

 

§ 25% increase in the final dividend being recommended for 2018

 

§ Final quarterly dividend of 3.125p per share being recommended by the directors, subject to shareholder approval at the 2019 AGM

 

§ Combined with the 4.875p per share in quarterly dividends already paid or declared in 2018, this would result in a total dividend of 8p per share for the year, a ~14% increase on the 7p per share paid in 2017

 

§ Quarterly base dividend level of 1.625p to be retained for 2019 with the final dividend to be decided when announcing the Q4 2019 dividend

 

The dividend timetable for 2019 is as follows:

 


Q3 2018

Q4 2018 *

Q1 2019

Q2 2019

Amount (pence)

1.625p

3.125p

1.625p

1.625p

Payment date

14-Feb-19

30-May-19

15 Aug 19

14 Nov 19

Record date

04-Jan-19

17-May-19

5 July 19

4 Oct 19

Ex-div date

03-Jan-19

16-May-19

4 July 19

3 Oct 19

* subject to shareholder approval at the 2019 AGM



 

Julian Treger, Chief Executive Officer of the Company, commented:

"After a record year of income in 2018 we are pleased to recommend a 25% increase in the final dividend for 2018, bringing the total dividend for the year to 8p per share. In arriving at this number, we took into account a very strong set of results for 2018 along with the prospect of meaningful growth from Kestrel in 2019, as announced in our recent Q4 2018 trading update.

 

We are mindful of balancing our growth ambitions with rewarding our shareholders for their continued support and feel that this level of dividend provides healthy dividend cover in excess of 2 times while allowing us to recycle income into growth opportunities. Growth remains the firm focus for 2019."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as

amended)

 

 

Anglo Pacific Group PLC

+44 (0) 20 3435 7400

Julian Treger - Chief Executive Officer

Kevin Flynn - Chief Financial Officer and Company Secretary

 


Website: 

www.anglopacificgroup.com



BMO Capital Markets Limited

+44 (0) 20 7664 8020

Jeffrey Couch / Tom Rider / Neil Elliot




Canaccord Genuity Limited

+44 (0) 20 7523 8000

Martin Davison / James Asensio




Peel Hunt LLP

+44 (0) 20 7418 8900

Ross Allister / James Bavister / David McKeown




Capital Market Communications Limited (Camarco)

+44 (0)20 3757 4997

Gordon Poole / Owen Roberts / James Crothers


 

Notes to Editors

About Anglo Pacific

Anglo Pacific Group PLC is a global natural resources royalty company. The Company's strategy is to develop a leading international diversified royalty company with a portfolio centred on base metals and bulk materials, focusing on accelerating income growth mainly through acquiring royalties on projects that are currently cash flow generating or are expected to be within the next 24 months, as well as investment in earlier stage royalties. It is a continuing policy of the Company to pay a substantial portion of these royalties to shareholders as dividends.

 

Cautionary statement on forward-looking statements and related information

Certain information contained in this announcement, including any information as to future financial or operating performance and other statements that express management's expectation or estimates of future performance, constitute "forward looking statements".  The words "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts", or negative versions thereof and other similar expressions identify forward-looking statements.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Further, forward-looking statements are not guarantees of future performance and involve risks and uncertainties which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements.  Furthermore, this announcement contains information and statements that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"), the accuracy of which KCPL does not warrant and on which readers may not rely.  The material assumptions and risks relevant to the forward-looking statements in this announcement include, but are not limited to: stability of the global economy; stability of local government and legislative background; continuing of ongoing operations at the properties underlying the Group's portfolio of royalties in a manner consistent with past practice; accuracy of public statements and disclosures (including feasibility studies and estimates of reserve, resource, production, grades, mine life, and cash cost) made by the owners and operators of such underlying properties; accuracy of the information provided to the Group by the owners and operators of such underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of royalties and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any property in which the Group holds a royalty or other interest, including but not limited to unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining title.  If any such risks actually occur, they could materially adversely affect the Group's business, financial condition or results of operations.  For additional information with respect to such risks and uncertainties, please refer to the "Principal Risks and Uncertainties" section of our most recent Annual Report on the Group's website www.anglopacificgroup.com.  Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.  The forward-looking statements contained in this announcement are made as of the date of this announcement only and the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

Third party information

As a royalty holder, the Group often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions.  As such, in preparing this announcement, the Group has largely relied upon the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Recommended Final Dividend for 2018 - RNS