Newcrest’s dividend policy continues to balance financial performance and capital commitments with a prudent leverage and gearing level for the Company. Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its financial policy, profitability, balance sheet strength and reinvestment options in the business. Going forward Newcrest is targeting a total dividend payout of at least 10-30% of free cash flow generated for that financial year, with the dividend being no less than US 15 cents per share on a full year basis.
The Newcrest Board has determined to pay a final 70% franked dividend of US 7.5 cents per share to be paid on Friday, 27th October 2017. The key dates in relation to the final dividend are set out in the table below:
|Ex Dividend Date||Wednesday, 20 September 2017|
|Record Date and Currency Conversion Date||Thursday, 21 September 2017|
|Election Date - final date to elect to receive US dollars and to participate in the Dividend Reinvestment Plan (DRP)||Friday, 22 September 2017|
|VWAP* period begins for DRP||Monday, 25 September 2017|
|VWAP* period ends for DRP||Friday, 29 September 2017|
|Payment / Share Issue / Allotment Date||Friday, 27 October 2017|
Newcrest changed its reporting currency from Australian dollars to US dollars in 2015. As a result, dividends are now determined in US dollars.
Shareholders will receive their dividend in Australian dollars unless:
(a) they have:
• nominated a PNG kina bank account domiciled in PNG by 17:00 AEST Friday, 22 September 2017; or
• a registered address in PNG and have not nominated an Australian dollar bank account domiciled in Australia or a US dollar bank account domiciled in the United States of America by 17:00 AEST Friday, 22 September 2017,
in which case they will receive their dividend in PNG kina; or
(b) they have nominated a US dollar bank account domiciled in the United States of America by 17:00 AEST Friday, 22 September 2017, in which case they will receive their dividend in US dollars.
As dividends are determined in US dollars, for payments to be made in Australian dollars or Papua New Guinea kina, conversion into the relevant currency will be based on the foreign currency exchange rates applicable on the Record Date.
Newcrest's dividend history is indicated in the table below.
|2017 Final Dividend||US 7.5||70||available 22 September|
|2017 Interim Dividend*||US 7.5||0||22.56|
|2016 Final Dividend*||US 7.5||0||22.49|
|2016 Interim Dividend||AU 0||0||0|
|2015 Final Dividend||AU 0||0||0|
|2015 Interim Dividend||AU 0||0||0|
|2014 Final Dividend||AU 0||0||0|
|2014 Interim Dividend||AU 0||0||0|
|2013 Final Dividend||AU 0||0||0|
* For non resident investors, the unfranked portion of the dividend has been paid from conduit foreign income and is therefore exempt from Australian withholding tax.
** Of the 19.55 cents per share unfranked portion, 17.25 cents is funded out of conduit foreign income.
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