MMK EGM approves dividends for H1 2017
PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company”) announces that an Extraordinary General Meeting of shareholders was held on 29 September 2017 (“the EGM”) with absentee voting.
Shareholders approved by majority vote a dividend on MMK’s issued ordinary registered shares of RUB 0.869 (before taxes) per share for the first half of 2017 (or approximately USD 164 mln in total based on the exchange rate as of the end of the period).
This amounts to 75% of free cash flow under IFRS for H1 2017, which is higher than the minimum established in MMK’s dividend policy (not less than 50% of free cash flow). The higher payout rate will compensate for lower free cash flow in H1 2017, which was due to seasonal cash outflow to working capital.
The dividend will be paid in cash by bank transfer within the period and in the manner stated by the Federal Law on Joint-Stock Companies.
The dividend record date is set as the close of trading on 10 October 2017.
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