SOURCE: Anglo Pacific Group PLC

February 04, 2015 07:01 ET

Anglo Pacific Group PLC: Dividend policy

LONDON, UNITED KINGDOM--(Marketwired - Feb 4, 2015) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)

TSX: APY

February 4, 2015

Anglo Pacific Group PLC
Dividend Policy

Anglo Pacific Group PLC ("Anglo Pacific" or the "Company") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, announces a revised dividend policy following a review by the Board to deliver a progressive policy that creates long-term sustainable value for shareholders.

The proposed acquisition of the Narrabri royalty, a 1% gross revenue royalty interest in the Narrabri coal project operated by Australian Stock Exchange listed Whitehaven Coal Limited, has provided the Board with an opportunity to further review the dividend policy while recognising that the royalty income from Kestrel in the fourth quarter of 2014 was well below the Company's previous expectations due to lower than expected mining in our royalty lands at the Rio Tinto Kestrel mine as previously announced.

The Board's priorities are to deliver a progressive dividend policy at a level which is affordable and appropriate as well as funding the Company's royalty investment opportunities and maintaining a strong balance sheet.

The Board is considering the recommendation of a final dividend for the year ended December 31, 2014 of 4p following the completion of the acquisition of the Narrabri royalty.

In the medium term, the Board is committed to a minimum annual total dividend of 8p subject to, amongst other things, the level of adjusted earnings, proceeds from the disposals of non-core assets and prospective investment opportunities.

In the longer term, and subject to the same factors, the Board intends to adopt a dividend policy paying dividends representing a minimum of 65% of adjusted earnings.

To view the announcement, please click on the following link.

http://www.rns-pdf.londonstockexchange.com/rns/0131E_1-2015-2-4.pdf

Contact Information