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South32 to put R6.1bn back in shareholders' pockets

Mar 27 2017 09:26


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Last traded 22
Change 0
% Change -2
Cumulative volume 764871
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - South32 [JSE:S32] on Monday announced that it intends to return an additional $500m (R6.1bn) to shareholders. This is equal to 4.5% of the group’s current market capitalisation.

This capital management programme, which complements the company’s dividend policy, will initially take the form of an on-market share buy-back in Australia.

South32 chairperson David Crawford said: “The combination of our operating leverage, strong balance sheet and simple capital management framework is designed to maximise returns and reward shareholders as financial performance improves."

CEO Graham Kerr explained: “Our net cash balance continues to build, giving us the financial strength and flexibility to invest in our existing operations, pursue opportunities where we can create value and return excess capital to shareholders. This $500m capital management programme meaningfully increases shareholder returns and follows the recent announcement of our $192m interim dividend.”

The timing and number of shares purchased under the on-market share buy-back will be contingent upon the prevailing share price and market conditions. It is not subject to shareholder approval and will be funded from existing cash reserves. 

The programme is expected to be completed over a 12-month period and all alternatives will continue to be assessed to ensure the capital is returned in an efficient manner, said South32.

south32  |  dividends  |  mining


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