Newcrest Mining Limited, a leading mining company, has recently announced its plan to pay a fully franked special dividend of US$1.10 per share. The announcement comes as part of a proposed scheme of arrangement under which Newcrest will be acquired by Newmont Corporation. However, the payment of the special dividend is contingent upon the scheme becoming effective.
The special dividend will be paid to shareholders who hold Newcrest shares on the Special Dividend Record Date, which is scheduled for 7.00pm (AEDT) on October 19, 2023. If the scheme of arrangement is successful, the dividend will be paid on October 27, 2023.
It is worth noting that the dividend payments will be made in various currencies. Australian dollar, Papua New Guinea kina, and New Zealand dollar payments will be converted from US dollars at the prevailing exchange rate on October 18, 2023, the Currency Conversion Date.
Shareholders with registered addresses in Australia, Papua New Guinea, or New Zealand will receive their dividends through mandatory direct credit. They will not have the option to receive their dividend by way of a cheque.
In connection with the special dividend announcement, the Newcrest Board has suspended the Dividend Reinvestment Plan (DRP) since August 11, 2023. Therefore, the DRP will not be applicable to the special dividend.
For any inquiries related to the scheme, shareholders can contact the Newcrest Shareholder Information Line on 1800 425 578 (within Australia) or +61 1800 425 578 (outside Australia). The line is open between 8.30am and 7.30pm (Melbourne time) from Monday to Friday, excluding public holidays.
Newcrest Mining Limited’s decision to offer a fully franked special dividend demonstrates its commitment to providing value to its shareholders. The special dividend, subject to the successful completion of the acquisition scheme, aims to reward shareholders and enhance the overall investment proposition.
