ARM continues discussions on Assmang dividend
JSE-listed African Rainbow Minerals (ARM) has advised shareholders that there are ongoing discussions among the directors of mining company Assmang, who have been appointed by ARM and Assore South Africa to determine the quantum of an appropriate final dividend to be declared and paid by Assmang to its shareholders in respect of the financial year ended June 30.
Assmang is jointly owned by ARM and Assore South Africa.
In terms of the memorandum of incorporation of Assmang, ARM says, the Assmang board seeks to maximise the payment of dividends to the Assmang shareholders, on a bi-annual basis, having regard to the financial requirements of Assmang at the time of declaring each dividend.
ARM notes that the cash and cash equivalents at Assmang as at June 30, which were attributable to ARM were equal to R3.57-billion. This excludes any additional free cash flow generated by Assmang after June 30.
The company says it will keep shareholders informed.
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