The programme will be executed in two tranches of up to $500-million each, and the number of ordinary shares permitted to be purchased – as agreed to at the AGM on 30 April – is 210.6 million ordinary shares.The buyback comes as a surprise, but a welcome one”, Tyler Broda, an analyst at RBC Capital Markets told the. “This indicates confidence that there will be excess cash flow beyond the growth [capital expenditure] capex for the portfolio.
Buybacks are very much in vogue in South Africa. Wescoal is already doing it and Gemfields is considering it. Trans Hex wants to take this route and delist. Even small-cap favourites like Argent and Bowler Metcalf find it cheaper to buy back their own shares, than invest in anything else. CEO Mark Cutifani said: “We have a disciplined and value-focused approach to capital allocation that is designed to fund the sustainability of our existing business and our base cash dividend for shareholders. With a strong balance sheet in place, we then consider the appropriate balance of options for any discretionary capital, in terms of growth investments and additional returns.”
This equates to a payout of $800-million, which is an increase of $200-million from 2018 and in line with the policy of paying out 40% of underlying earnings, Global financial services firm Morningstar writes that these miners are sitting on substantial stashes of cash, and even though historically they have been cyclical bets, they now can be considered as “boring” dividend payers.
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