Sibanye Gold: Interim dividend of 37c declared

Published Sep 13, 2013

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The board of Sibanye Gold had declared a gross interim dividend of 37c a share, which was equivalent to 25 percent of normalised earnings within its first six months as an independent company, it said yesterday. In July, the company renegotiated the terms of its bridge loan facilities. The extra flexibility this gave allowed Sibanye to declare an interim dividend of up to 25 percent of normalised earnings for the six months to June 30. A final dividend of up to 35 percent of normalised earnings for 2013 was also declared. Uncertainty about wage negotiations at the time led the company to delay the declaration of a dividend until the process was concluded. On Tuesday, a two-year wage agreement was signed. “The annualised yield on this interim dividend is 6.5 percent, which positions Sibanye Gold as the top dividend yield company in the sector,” chief executive Neal Froneman said. Sibanye was formed early this year to house three Gold Fields mines. The stock lost 0.26 percent to end at R11.47. – Sapa

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